New York

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; $1500 for the broker and $3000 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 ProcessingTotal
New YorkMortgage Broker Registration$1600.00$75.00$400.50Call for More Information$2075.50
New YorkMortgage Banker License$3217.25$375.00$400.50Call for More Information$3992.75
New YorkDebt Collection License (NY City) *Buffalo rates$75.00/*167.50$75.00$507.00/*0Call for More Information$657.00

License: Mortgage Banker License

  • Operating Status: Lender/Broker
  • Bond Amount: $50,000
  • Net Worth: $250,000
  • Brick & Mortar: No
  • Audited Financials: Yes

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License: Mortgage Broker Registration

  • Operating Status: Broker
  • Bond Amount: $10,000
  • Net Worth: $0
  • Brick & Mortar: No
  • Audited Financials: No

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