General Licensing Requirements

For more information on NY requirements go to http://www.banking.state.ny.us/mbqa1.htm

All mortgage loan originators must complete 20 hours of NMLS approved education and become licensed under New York laws.

To become a loan originator you must have completed at least 20 hours of education during the two years immediately preceding the time of application. You must also pass the loan originator exam on Federal and State laws and rules not more than one year before the granting of the license.

To access the testing service and learn more about taking a SAFE test, by downloading the MLO Testing Handbook.

The following test administration fees are in effect for the SAFE Act Mortgage Loan Originator Test:

• National Component - $92
• State Component - $69

 NMLS Unique Identifier- Required for licensing Each loan originator needs to obtain a unique identifier through NMLS. If you have not obtained your unique identifier number, you need to log on to State Regulatory Registry.

Access the necessary forms for licensing in the state of New York at the NMLS Resource Center

For more information on NY requirements go to http://www.banking.state.ny.us/mbqa1.htm

Objectives For The Class

This 20 Hour NY SAFE Comprehensive Mortgage Loan Originator course is designed to meet the core criteria established by the SAFE Act for national mortgage loan originators, including three hours on federal lending legislation, three hours on the critical topic of fair lending and ethics, and two hours on nontraditional lending products. In addition, the text presents elective topics selected to give students the information they need to successfully enter the mortgage lending field.

This course provides a primer on the primary and secondary mortgage markets, as well as a review of the economic, legal, and valuation aspects of the real estate market. This text also details types of loan products and finance instruments - including conventional, government, and nontraditional financing tools available today. Students will also learn the fundamentals of the residential mortgage lending process - from pre-qualifying potential borrowers, to understanding appraisals to closing a loan.

The Secure and Fair Enforcement Mortgage Licensing Act also requires all states to implement a mortgage loan originator licensing process. The New York Legislature responded by passing New York Banking Law Article 12-E, Licensed Mortgage Loan Originators. This course also examines that and other laws and regulations in the State of New York related to consumer protection that affect the mortgage industry in general and mortgage loan originators specifically. It introduces the Banking Department and describes the scope of its authority. It also discusses specific New York law related to the licensing and activities of mortgage bankers, mortgage brokers, and mortgage loan originators. The three hours of state-specific topics are covered in the New York-Specific Supplement.