New York Loan Officer Standards & Requirements

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs.) Below you will find the profession requirements needed to become a state-licensed mortgage loan officer, please use the links for additional information on subject matter:

Criminal Background Check – Fingerprints will need to be submitted through NMLS for an FBI criminal background check.

Education – Please see New York Education Requirements below.

Testing – Required to pass National and State components of the SAFE MLO Test.

Credit Report – Applicants will have a credit report run through NMLS.

 

New York Pre-Licensure Education Requirements

New York requires all new state-licensed MLOs to complete 20 hours of NMLS approved education. Below shows a breakdown of hours needed for each section:

  • 3 hours of Federal law and regulations
  • 3 hours of ethics, which entails, instruction on fraud, consumer protection, and fair lending issues
  • 2 hours of non-traditional mortgage lending
  • 9 hours of undefined instruction (electives)
  • 3 hours of New York specific education

New York requires 3 hours of instruction on state-specific law; either taking a NY comprehensive course or a state-specific elective course will satisfy this, new MLOs will also be tested on New York mortgage-lending law. To get started with your mandatory education requirements please refer to our NMLS approved course.

 

Continuing Education Requirements

All active state-licensed MLOs are required to complete at least 11 hours of NMLS approved education yearly.  Below is a break down of sections that must be covered in continuing education:

  • 3 hours of Federal law and regulations
  • 2 hours of ethics, which entails, instruction on fraud, consumer protection, and fair lending issues
  • 2 hours of non-traditional mortgage lending
  • 1 hour of undefined instruction (elective)
  • 3 hours of New York specific education

Please note that MLOs are not able to take the same NMLS approved courses two years in a row, as the NMLS will not count that toward their continuing education requirements. Known as the SAFE Act’s “successive years” rule. Our NMLS approved continuing education makes sure every year we provide you a new course so you never run into this problem.

New York Loan Officer License Requirements

4 thoughts on “New York Loan Officer License Requirements

  • April 29, 2018 at 11:11 PM
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    I want to get started with the pre-license course to get my license here in NY, but the credit report aspect worries me for I defaulted on credit cards due to lost of employment and haven’t been able to pay them. I don’t want to do a course and background check only to have my credit hold me back, – who in NY can I talk to about this before starting my endeavor?

    Reply
    • April 30, 2018 at 7:48 PM
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      You can find the contact info here.

      Reply
    • May 1, 2018 at 5:33 PM
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      I lost my job in February and want to go for the mortgage license course. Will this hinder my chances for licensing?

      Reply
      • May 1, 2018 at 6:24 PM
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        No that shouldn’t hinder you unless you were let go for a felony or something along those lines.

        Reply

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