New York State Licenses and Regulator Costs

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

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Lynx Licensing charges a flat rate of $625 per state license, $120 per branch license, and $85 per individual license.

Located in Raleigh, North Carolina

ryan at lynxlicensing dot com

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©2018-2020 LYNX LICENSING. ALL RIGHTS RESERVED. "NMLS", "Nationwide Mortgage Licensing System", and "Nationwide Multistate Licensing System" and associated logos are trademarks and/or service marks of State Regulatory Registry, LLC ("SRR"). Lynx Licensing and this website are not associated with, sponsored, approved, or licensed by SRR. NMLS Consumer Access.