New York Mortgage Education
EasyRealEstateSchool.com offers these New York mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
- Pursuant to Article 12-E, Section 599-b.7, “Mortgage Loan Originator” (“MLO”) means an individual who for compensation or gain or in the expectation of compensation or gain
- Takes a residential mortgage loan application; or
- Offers or negotiates terms of a residential mortgage loan
- Article 12-E, Section 599-b.8 defines “Residential Mortgage Loan” as a loan to a natural person made primarily for personal, family or household use, secured by either a mortgage, deed of trust or other equivalent consensual security interest on a dwelling (as defined in section 1203(v) of the Truth in Lending Act) or residential real property or any certificate of stock or other evidence of ownership in, and proprietary lease from, a corporation or partnership formed for the purpose of cooperative ownership of residential real property and shall include any refinance or modification of any such existing loan.
- Pursuant to the provisions of the federal banking agencies final rule issued on July 28, 2010, implementing the SAFE Act, employees of Credit Union Service Organizations (CUSOs) that engage in mortgage loan origination activities must submit an application for licensing under Article 12-E. Also, MLOs of non-federally insured credit unions, whose states have not executed a supervisory agreement with the NCUA, must submit an application for licensing under Article 12-E.
Who does not need this license?
The licensing requirement of Article 12-E does not apply to:
- MLOs who are employees of a depository institution; a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; an institution regulated by the Farm Credit Administration and is registered with and maintains a unique identifier through the NMLSR (NMLS).
- Any individual who offers or negotiate the terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;
- Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling or residential property that served as the individual’s own residence.
- A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or a mortgage loan originator or bay and agent of such lender, mortgage broker or other mortgage loan originator.
- Any individual employed by a mortgage loan servicer registered under Article 12-D, who negotiates any modification of an existing residential mortgage loan on behalf of such servicer, and does not otherwise act as a mortgage loan originator,, unless licensing is required by the U.S. Department of Housing and Urban Development.
- Any individual involved in the sale of manufactured homes if exempted from licensing by U.S. Department of Housing and Urban Development.
Pre-requisites for license applications?
- Criminal Background Check Yes
- Credit Report Yes
- Pre-licensure Testing Yes
- Pre-licensure Education Yes
- Surety Bond Yes
- MLO applicants may not engage in mortgage loan originating activities until their application has been approved and published in the Department’s Weekly Bulletin.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
New York State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All applicants who filed an application after 7/11/09 must pass the National and State Components of the SAFE MLO Test by 5/31/2010. Existing licensees approved as of 7/11/09 must pass the National and State Components of the SAFE MLO Test by 8/31/2010. Anyone who filed an application prior to 7/11/09 that has not been approved, withdrawn or denied must pass the National and State Components of the SAFE MLO Test by 5/31/2010.
- Criminal Background Check - All applicants who filed an application after 7/11/09 must submit fingerprints through NMLS for a criminal background check by 5/31/2010. Existing licensees must submit fingerprints through the NMLS for a criminal background check by 8/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 8/31/2010.
New York Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All applicants on or after 7/11/09 must have completed 20 hours of NMLS approved pre-licensure education, including 3 hours of NY specific, by 5/31/2010. Existing licensees approved as of 7/11/09 must have completed 20 hours of NMLS approved pre-licensure education by 8/31/2010. Anyone who filed an application prior to 7/11/09 that has not been approved, withdrawn or denied must have completed 20 hours of NMLS approved pre-licensure education by 5/31/2010. NY intends to participate in the pre-licensure education certification process. State approved courses taken after 11/30/09 will not be accepted for certification as part of the pre-licensure education process.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 11 hours of NMLS approved continuing education, including 2 hours of NY specific, in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of NY State approved education on or before 11/30/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.