Mortgage Broker Licensing

License:  New York Mortgage Broker Registration

Physical Office Required:  No
Qualifying Individual Required: Yes, 2 years experience required
Minimum Net Worth:  None
Financial Statements:  Unaudited
Surety Bond Amount:  $10,000
Company License Fee:  $1,500

Mortgage Lender Licensing

License:  New York Mortgage Banker License

Physical Office Required:  No
Qualifying Individual Required:  Yes, must have 5 years of (verified) experience and have a NY MLO license, must be an officer of the company
Minimum Net Worth:  $250,000
Financial Statements:  CPA Audited, for the last 3 fiscal years
Surety Bond Amount:  $50,000
Company License Fee:  $3,100

Regulated by:

New York State Department of Financial Services
Attention: Mortgage Banking – Application Unit
One State Street
New York, NY 10004
1-877-BANK-NYS
Mortgage.Banker@dfs.ny.gov