Y CombinatorNew York
NY-DFS licenses mortgage bankers and registers mortgage brokers and servicers under Banking Law article 12-D: no annual renewal date, a quarterly assessment instead, bond amounts set by the superintendent within a statutory band, and prior approval for any change of control.
Licences
| Licence | Covers | Bond | Net worth |
|---|---|---|---|
| Mortgage Banker License | Making mortgage loans on New York residential property as a licensed mortgage banker. | $50,000 to $500,000 | None |
| Mortgage Broker Registration | Soliciting, processing, placing or negotiating mortgage loans for others on New York property. | $10,000 to $100,000 | None |
| Mortgage Loan Servicer Registration | Servicing mortgage loans on property located in New York, including as a master servicer. | None | None |
"None" is a finding read from the statute, not missing data.
State rules
- Regulator
- New York State Department of Financial Services. Filings run through NMLS and state portal.
- Expiry
- No fixed term, but "never expires" is the wrong lesson. Under § 592-a a broker registration expires 30 days after an unpaid assessment falls due; 60 days to reinstate with the late fee and interest, and after that the expiry is permanent and you file a new application. N.Y. Banking Law § 592-a
- Missing the deadline
- A $100 late fee if payment does not reach the Office of Financial Management in Albany by the due date. Inactive brokers are billed too: zero volume removes the regulatory component but not the minimum supervisory one. N.Y. Banking Law § 592-a
- Annual reporting
- Bankers and brokers file a Volume of Operations Report annually; servicers file a Volume of Servicing Report quarterly. These are not statistics: DFS computes your assessment from them, so a late or wrong filing distorts your own bill. N.Y. Banking Law § 597
- In-state office
- New York’s in-state requirement is procedural rather than physical. Originals of documents named in the NMLS checklist must reach DFS at One State Street within 5 days of the online filing, and a conferral meeting takes place before a certificate is issued. NY-DFS, Information for Mortgage Industry
- Branches
- Every branch is its own filing at $500, on all three credentials alike: a banker branch licence, a broker branch, and a servicer branch. NY-DFS Application Fee Schedule
- Change of control
- Prior approval. It is unlawful for any action to be taken that results in a change of control without it, control is presumed at 10 percent of voting stock, and the superintendent has 90 days to approve or disapprove in writing. The fee equals the original application fee. N.Y. Banking Law § 594-b
- Mortgage call report
- Two filings, not one. The NMLS Mortgage Call Report on the national cycle, and separately unaudited financial statements to DFS within 45 days of each fiscal quarter under Part 410.7(m). The superintendent lets the call report stand in for the commitment data only. New York State Department of Financial Services
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New York licences
Other states
Read from New York's statute and rules on August 26, 2026. Corrections to licensing@payna.com.
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