A New Career is Closer Than You Think!
becoming a LICENSED MORTGAGE LOAN ORIGINATOR in New York is easy! The NMLS requires the steps below:
What is the NMLS? The "Nationwide Licensing System and Registry" is the database holding licensing data on all MLOs. Your New York regulator will use the NMLS to review and approve MLO license applications and you will have many interactions with the NMLS:
Create Your NMLS Account Review New York Licensing Requirements
Create an account with the NMLS. After you fill out the information they require you will receive an NMLS ID. This ID is a unique number assigned to you permanently and is used extensively by regulators.
Read up on your New York requirements to know more about the rest of the process and what you will need.
To obtain your New York license, you need to complete NMLS-approved education. The requirement is 20 hours and must include 3 Hours of New York state law, 3 Hours of Federal Law, 3 Hours of Ethics and 2 Hours of Nontraditional Loans.
You can satisfy this requirement through online training, through live instructor webinars or, as available, in a classroom environment.
See Our Pre-licensure Courses
You need to pass the required national exam. The SAFE National MLO Test has a pass rate of less than 60%. If you fail the first time, you have to wait one month to take it again. MLOs who fail three times must wait a full 6 months to take it again.
Needless to say, diligently preparing for the exam is critical to passing. The education is a start, but test preparation courses are also key to passing.
Review Our National Exam Preparation View National Exam Details
To complete the process, there are few key items left:
Access and Submit Your New York Application Detailed Instructions on Submitting Your Application
Create your form MU-4 at the NMLS
Submit fingerprints for a criminal background check
Authorize a credit report request
Submit the application via your NMLS Account