New York Mortgage Broker Registration & Mortgage Banker License

New York’s banker license requires a minimum net worth of $250k. There is no net worth requirement for the broker license. New York has high investigation fees for both licenses; $1,600 for the broker and $3,100 for the banker. New York requires their QI be a licensed MLO as well as either an owner, partner, trustee or officer of the applicant. Personal financial statements and personal questionnaires are required by the control persons, including directors and three most senior executive officers. The three most senior executive officers will also have to submit a resume. Fingerprint cards will need to be completed, preferably within the most recent 12 months.

StateLicense NameState FeeBond Premium Est.
SOS FeeMLG Processing FeeTotal
New YorkMortgage Broker Registration$1,620$75$351Call for More Information$2,046
New YorkMortgage Banker License$3,120$375$351Call for More Information$3,846

License: Mortgage Broker Registration

  • Operating Status: Broker
  • Bond Amount: $10,000
  • Net Worth: N/A
  • Brick & Mortar: No
  • Financial Type:  N/A

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License: Mortgage Banker License

  • Operating Status: Lender/Broker
  • Bond Amount: $50,000
  • Net Worth: $250,000
  • Brick & Mortar: No
  • Financial Type: Audited (past 2 years)

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**Fees & terms are subject to change without notice.**

To obtain a mortgage broker or banker license in New York, companies must apply through the Nationwide Multistate Licensing System (NMLS) and meet the regulatory requirements of the New York State Department of Financial Services (DFS).

Mortgage Broker Registration: No minimum net worth is required, but applicants must post a surety bond based on annual business volume. All control persons must submit personal financial statements, complete detailed questionnaires, and pass both background and credit checks.

Mortgage Banker License: Requires greater financial responsibility compared to broker registration, with compliance standards that include maintaining a surety bond and providing proof of a line of credit after approval.

Application Process: All applications for a New York mortgage broker or banker license must be submitted via the NMLS platform. DFS enforces strict timelines—applications with deficiencies must be corrected within 30 days to avoid withdrawal.

New York is widely considered to have the most challenging mortgage licensing process in the country, both in terms of documentation and regulatory scrutiny. It also has the longest approval timeline nationwide—a mortgage broker registration can take over a year to be approved, while a mortgage banker license can take up to three years. Applicants should be prepared for an extensive review process and should ensure their submissions are meticulously complete to avoid costly delays.