New York Mortgage Licensing | State of New York Department of Financial Services
Mortgage Banker | Mortgage Banker License
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee: $225 – NY Foreign Entity App $125 – Registered Agent Fee $3,000– Company License Fee $105 – NY Fingerprinting per Owner/Officer $600 – Private Investigation per Owner/Officer $500 – NY $50k Company Surety Bond Fee $1,000 – NY $100k LO Surety Bond Fee - http://www.dfs.ny.gov/banking/mbmlosb.htm Renewal Fee - $4,108 plus 0.7% of Gross Income on NY Loans. http://www.dfs.ny.gov/banking/billassess.htm#AssessmentCalculation |
Mortgage Broker | Mortgage Broker License
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$1,500– Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$100 – NY $10k Company Surety Bond Fee
$1,000 – NY $100k LO Surety Bond Fee - http://www.dfs.ny.gov/banking/mbmlosb.htm
Renewal Fee - $1,738 plus 0.7% of Gross Income on NY Loans. http://www.dfs.ny.gov/banking/billassess.htm#AssessmentCalculation
- Physical In-State Office Required: No
- Qualifying Individual: Yes, 2 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage loan servicing activities. Such person must have five years verifiable experience in the business of servicing mortgage loans or similar servicing experience and be actively engage in the operations of the servicer. Must hold a NY LO License.
- Minimum Net Worth:$ None
- Surety Bond: $10,000
- Branch Licensing: Yes
- Loan Originator Licensing: Yes
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$1,500– Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$100 – NY $10k Company Surety Bond Fee
$1,000 – NY $100k LO Surety Bond Fee - http://www.dfs.ny.gov/banking/mbmlosb.htm
Renewal Fee - $1,738 plus 0.7% of Gross Income on NY Loans. http://www.dfs.ny.gov/banking/billassess.htm#AssessmentCalculation
Mortgage Servicer | Mortgage Loan Servicer Registration
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$3,100 – Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$2,500 – NY $250k Company Surety Bond Fee
- Physical In-State Office Required: No
- Qualifying Individual: Yes, 5 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage origination activities. Such person must have five years verifiable experience in the business of making or underwriting of residential mortgage loans or similar lending and credit evaluation experience and be actively engage in the operations of the lender.
- Minimum Net Worth:$250,000 plus ¼ of 1% of the outstanding principal balance of aggregate mortgages serviced (whether or not in New York
- Surety Bond: $250,000
- Branch Licensing: Yes
- Loan Originator Licensing: N/A
- Comment: Applicants are required to have a minimum Fidelity and E&O bond of $300,000
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$3,100 – Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$2,500 – NY $250k Company Surety Bond Fee
Regulated by:
State of New York Department of Financial Services
One State Street
New York, NY 10004-1417
1-877-BANK-NYS
(212) 709-5596 - Mr. Joseph Barreiro, Application Manager - [email protected]
(212) 709-5540 phone or (212) 709-5555 fax - Rholda Ricktts, Deputy
(212) 709-3847 - Derrick (212) 709-1585 - Edwardo Chao - MLO Application Reviewer (Voice Mail always full)
(212) 709-5587 - Keith Anderson regarding Change of address, branch applications
(212) 709-1566 - Marlene Denigri - Mortgage Banker Applications, [email protected]
Howa Young, ext. 3842 re: Inactive Status
[email protected]
[email protected]
Simon Lo, Application Reviewer - [email protected]
http://www.banking.state.ny.us/index.htm
State of New York Department of Financial Services
One State Street
New York, NY 10004-1417
1-877-BANK-NYS
(212) 709-5596 - Mr. Joseph Barreiro, Application Manager - [email protected]
(212) 709-5540 phone or (212) 709-5555 fax - Rholda Ricktts, Deputy
(212) 709-3847 - Derrick (212) 709-1585 - Edwardo Chao - MLO Application Reviewer (Voice Mail always full)
(212) 709-5587 - Keith Anderson regarding Change of address, branch applications
(212) 709-1566 - Marlene Denigri - Mortgage Banker Applications, [email protected]
Howa Young, ext. 3842 re: Inactive Status
[email protected]
[email protected]
Simon Lo, Application Reviewer - [email protected]
http://www.banking.state.ny.us/index.htm