Have questions about the Mortgage program? See below for answers about licensing requirements, frequently asked questions, and helpful links to the Department of Financial Services website for license renewal and testing information.
As per NY state law, all applicants must be 18 years of age or older to obtain a Mortgage Loan Originator license.
Who is required to have Mortgage Loan Originator (MLO) license?
An individual who for compensation or gain in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
What are the prerequisites for license applications?
The following are needed:
- Criminal background check
- Credit report check
- Pre-licensure testing
- 20 – Hours worth of Pre-licensure education
When can I work as a Mortgage Loan Originator?
MLO applicants may not engage in mortgage loan originating activities until their application has been approved and published in the NY State Department Mortgage Loan Originator Department’s Weekly Bulletin.
How can I sign up to take my test?
Sign up on the NMLS website to make an appointment to take your test, and for locations. Click here to find and select a location.
Do I have to take continuing education to renew my license?
The Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act) requires licensed Mortgage Loan Originators to complete 11 hours of NMLS-approved continuing education as a condition of renewing the MLO license annually.