| |
New York Mortgage Broker Requirements
Get licensed as a Mortgage Broker or Banker in New York through the New York Department of Banking. Two years of experience is necessary, but there are no education or exam requirements. Total out of pocket costs including New York state filing fees, surety bond premiums, and licensing services are roughly $3,200* through American Mortgage Licensing. Multi-state discounts will lower this fee.
American Mortgage Licensing gets mortgage brokers and bankers approved with the Department of Banking on a daily basis. We open the door for greater opportunities by managing your entire licensing project and setting up all of the necessary paperwork and documentation that you will need to get approved as a New York Mortgage Broker or Banker in as little time as possible. We do as much of the work as possible, so you can remain focused on growing your business.
What are the requirements for a New York Mortgage BROKER License?
| Net Worth Requirement |
 |
$0 |
| Minimum Experience Required |
|
2 Years |
| Surety Bond Amount |
|
$10,000 |
| Physical Office Requirement |
|
No |
What are the requirements for a New York Mortgage BANKER License?
| Net Worth Requirement |
|
$250,000 |
| Minimum Experience Required |
|
5 Years |
| Surety Bond Amount |
|
$50,000 |
| Physical Office Requirement |
|
No |
Who can apply for the New York Mortgage License?
Individuals, partnerships, limited liability companies and corporations
What are the Fees?
| American Mortgage Licensing's services (NY on its own) |
|
$1,500 |
| New York Dept of Banking Filing Fees |
|
$1,500 for broker
$3,000 for banker |
| Fingerprint Cards (per owner) |
|
$99 |
| Surety Bond Premiums |
|
$100* |
* Bond fees are based on the applicant's personal credit score. Example above represents an applicant with good credit.
How do I Start the Process?
To begin your project immediately, contact American Mortgage Licensing at 866.588.6600, or use the form below. We will be happy to answer any questions you have on the New York Mortgage Licensing process. We license brokers and lenders in all fifty states.
We look forward to the opportunity to serve you. Please let us know what we can do for you.
|
|
