What are the requirements to obtain an MLO license in New York?
Several New York MLO license requirements must be met before obtaining a license.
- Complete 20 hours NMLS approved of pre-licensing coursework which includes 3 hours of New York-specific content.
- Sit for the National Mortgage Loan Originator test and pass the exam.
- Pay the required license fees through the Nationwide Multistate Licensing Service (NMLS). Attach the application with details of residency and employment history.
- Complete fingerprinting to clear criminal background checks by the state and federal agencies.
- Submit a credit report that proves you can take financial responsibility.
- Be covered under an employer’s lending bond or obtain an individual surety bond.
The New York Department of Financial Services (NYDFS) issues an MLO license in New York after these conditions are met.
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