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    New York State Licenses and Regulator Costs

    Need a license?(312) 588-6800 State Mortgage Licensing Experts
      Mortgage Banker License (Company)
    • NMLS Cost: $3,100
    • Additional Costs: $15 per credit report, $36.25 per criminal background check; $99 per control person NY fingerprinting fee
    • Qualifying Individual: must hold NY mortgage loan originator license; must have five (5) years of verifiable mortgage experience
    • Surety Bond Requirement: $50,000
    • Line of Credit Requirement: $1,000,000 minimum
    • Personal Financial Statements: control persons, directors, the three (3) most senior executive officers and the NY Q/I must submit personal financial statements
    • NY requirements are among the most extensive in the nation. Please contact us for licensing assistance.
      Mortgage Broker Registration (Company)
    • NMLS Cost: $1,600
    • Additional Costs: $15 per credit report, $36.25 per criminal background check; $99 per control person NY fingerprinting fee
    • Qualifying Individual: must hold NY mortgage loan originator license; must have two (2) years of verifiable mortgage experience
    • Surety Bond Requirement: $10,000
    • Personal Financial Statements: control persons, directors, the three (3) most senior executive officers and the NY Q/I must submit personal financial statements
    • NY requirements are among the most extensive in the nation. Please contact us for licensing assistance.
      Mortgage Loan Servicer Registration (Company)
    • NMLS Cost: $3,100
    • Additional Costs: $15 per credit report, $36.25 per criminal background check; $99 per control person NY fingerprinting fee
    • Qualifying Individual: must hold NY mortgage loan originator license; must have two (2) years of verifiable mortgage experience
    • Surety Bond Requirement: $250,000
    • Letter of Assurance Requirement: adjusted net worth of not less than $250,000 plus 1/4 of one percent of outstanding servicing portfolio balance
    • E&O Insurance and Fidelity Bond: $300,000 minimum (each)
    • Personal Financial Statements: control persons, directors, the three (3) most senior executive officers and the NY Q/I must submit personal financial statements
    • NY requirements are among the most extensive in the nation. Please contact us for licensing assistance.
      Mortgage Banker Branch License (Branch)
    • NMLS Cost: $500
    • Branch Manager: must be NY licensed mortgage loan originator
      Mortgage Broker Branch Registration (Branch)
    • NMLS Cost: $500
    • Branch Manager: must be NY licensed mortgage loan originator
      Mortgage Servicer Branch Registration (Branch)
    • NMLS Cost: $520
    • Additional costs: $15 per credit report
    • Branch Manager: must have prior supervisory experience in overseeing mortgage loan servicing
      Mortgage Loan Originator (Individual)
    • NMLS Cost: $409
    • Additional Costs: $15.00 per credit report, $36.25 per criminal background check; $99 for NY state background check
    • Surety bond: an individual surety bond varying from $10,000 to $100,000 will be required unless the company has an Originating Entity Surety Bond (contact us for details)
    • Education: NY requires three (3) hours of NY-approved pre-licensure education as part of our national education requirement