New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 107 - Application for Initial License as a Mortgage Loan Originator; Request for Renewal of License › Section 107.3 - Application for initial license

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Application requirements
.
Each applicant for a license as an MLO shall submit the
					 following documents as part of his or her application:
(1) A completed application form, in the form
				  prescribed by the superintendent, a copy of which is available on the
				  department's website, which application shall be attested to by the applicant.
				  An individual who was engaged in mortgage loan origination activities as of
				  July 11, 2009, and who filed an application pursuant to the prior version of
				  article 12-E shall update his or her background information upon request by the
				  superintendent. For all such applicants, the superintendent shall indicate when
				  information regarding prior education, testing and bonding requirements must be
				  submitted.
(2) Two fingerprint
				  cards with fingerprint certification, which shall be submitted to the address
				  specified in section
				  107.2(a) 
				  of this Supervisory Procedure. When required by the superintendent, an
				  applicant who has previously submitted his or her fingerprint cards also shall
				  submit his or her fingerprints through the NMLS.
(3) The prescribed fee, which shall be
				  submitted electronically together with the application. A schedule of fees and
				  a list of acceptable forms of payment shall be available at the department's
				  website (www.dfs.ny.gov). The fee shall consist of:
(i) an investigation fee of $125;
(ii) a fingerprint processing fee charged by
				  the State Division of Criminal Justice Services and established pursuant to
				  article 35 of the Executive Law. If the NMLS develops the capacity to process
				  fingerprints through the FBI, the superintendent may as noted above require the
				  applicant to submit a new set of fingerprints in the form required by the NMLS
				  and to pay any processing fees required by the FBI and the NMLS;
(iii) a processing fee charged by the NMLS;
				  and
(iv) an initial license fee of
				  $50.
If the application is rejected or withdrawn, none of these
					 fees will be refunded.
(4) The applicant's credit report, which
				  shall have been issued by a recognized credit reporting agency no more than 30
				  days prior to the date that the application is submitted. If the NMLS develops
				  the capacity to process credit reports through the NMLS, the superintendent may
				  require an applicant to submit his or her credit report through the NMLS and to
				  pay any processing fees required by the NMLS.
(5) An affidavit in the form prescribed by
				  the superintendent and subscribed by the applicant under penalty of perjury
				  stating that:
(i) the applicant will promptly
				  advise the superintendent of any changes that occur in the information
				  furnished in the application after the application is submitted; and
(ii) the applicant has personally reviewed
				  the application and certifies that the application does not contain any untrue
				  statement or omission of any material fact.