New York Mortgage Banker License

NY-DFSNMLS and state portalChecked August 26, 2026

Surety bond: $50,000 to $500,000
Net worth: None
Original license: $3,000
Expiry: Does not expire

Making mortgage loans on New York residential property as a licensed mortgage banker.

Any entity in the business of making New York mortgage loans, unless it is an exempt organisation such as a depository or insurance company. A broker registration does not cover lending.

Also searched as New York Mortgage Lender License, New York Residential Mortgage Lender License, NYDFS Mortgage Banking License. New York issues the Mortgage Banker License.

Requirements

A licence, not a registration
New York licenses bankers and registers brokers and servicers, and the words are not interchangeable. Nobody may make mortgage loans here without first obtaining a licence from the superintendent. N.Y. Banking Law § 590
Application and $3,000 fee
Filed through NMLS, with the jurisdiction-specific package sent to DFS directly. A company already on NMLS for another state does not re-enter its record, but still owes New York its own documents. NY-DFS Application Fee Schedule
Affirmation of financial solvency
The statute asks for an affirmation "noting such capitalization requirements as may be required by the superintendent" and sets no figure of its own. What has to be satisfied is the superintendent, not a number on a page. N.Y. Banking Law § 591
Surety bond within the band
The amount and form come from the superintendent’s regulations, but the statute caps both ends: never less than $50,000 and never more than $500,000. N.Y. Banking Law § 591
Originals in the post within 5 days
Where the checklist calls for originals, DFS accepts email first so nothing waits on the post, then requires the originals mailed within 5 days of completing the online filing. NY-DFS, Information for Mortgage Industry
Answer within 30 days or start again
If a complete submission addressing every item is not received within 30 days, the application is considered withdrawn. Getting the licence then means a new application and the fees again. NY-DFS, Information for Mortgage Industry
Bond, credit line and a conferral meeting
Approval is not the end. Before the certificate issues you file the surety bond, show a line of credit expiring no sooner than six months from approval, and attend a conferral meeting. NY-DFS, Warehouse Line Providers Approved by DFS
Branch licences at $500
Each branch office is its own application and its own $500 fee. NY-DFS Application Fee Schedule
Quarterly financials to DFS
Unaudited financial statements within 45 days of the close of each fiscal quarter, under Part 410.7(m). This sits on top of the NMLS call report, not instead of it. New York State Department of Financial Services

Not required in New York

New York issues a mortgage lender license.
It licenses mortgage bankers. The lender name is not a New York credential, and article 12-D uses licensee for bankers and registrant for brokers and servicers throughout.
N.Y. Banking Law § 590
The New York bond is a published amount.
It is a band. The statute sets only a floor and a ceiling; the operative figure lives in the superintendent’s regulations, not in article 12-D.
N.Y. Banking Law § 591
The licence renews every year.
There is no annual renewal date. The recurring obligation is the quarterly assessment, computed from your own gross New York revenue including servicing and secondary market revenue.
NY-DFS Annual Assessment Charges
An incomplete application waits for you.
Thirty days after DFS identifies what is missing, an unanswered application is considered withdrawn, and a new one has to be filed and paid for.
NY-DFS, Information for Mortgage Industry

Other costs

Item	Amount	Notes
Branch license	$500	Per branch office. NY-DFS Application Fee Schedule
Change of control	$3,000	The same as the original licence fee. New York charges to approve a sale as if you were applying afresh. NY-DFS Application Fee Schedule
General assessment	Computed, billed quarterly	Supervisory hours for your size bucket at the examiner hourly rate, plus a regulatory share allocated on gross New York revenue. NY-DFS Annual Assessment Charges

Renewal

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 it: 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

After approval

What obliges you to file something, and how long you have.

If this changes	You owe	Deadline	Approval first
Change of control	A written application with the investigation fee before any action is taken. The superintendent must approve or disapprove in writing within 90 days; acting without approval is unlawful. N.Y. Banking Law § 594-b	Before it happens	Yes
New branch office	An application and a $500 investigation fee for each. NY-DFS Application Fee Schedule	Before opening	Yes
Quarter end	Unaudited financial statements to DFS under Part 410.7(m), separately from the NMLS call report. New York State Department of Financial Services	45 days after fiscal quarter end	No
Originators hired or terminated for cause	A Quarterly Report of Employment Status, mailed to DFS on paper. It covers everyone, including unlicensed individuals and those working under temporary authority. New York State Department of Financial Services	30 days after calendar quarter end	No
Year end	The Volume of Operations Report. It feeds the assessment, so an erroneous filing shows up as a wrong bill. N.Y. Banking Law § 597	Annually	No
Starting reverse mortgage lending	A separate application for authority under 3 NYCRR 79.3, either HECM-only or dual authority covering proprietary reverse loans. New York State Department of Financial Services	Before originating	Yes

"Not stated" means the source sets the obligation without a day count, not that the filing can wait.

Sources

N.Y. Banking Law § 590 Who must be licensed, registered, or neither.
N.Y. Banking Law § 591 The banker licence, its solvency affirmation and bond band.
N.Y. Banking Law § 594-b Prior approval for a change of control, decided in 90 days.
N.Y. Banking Law § 592-a The $100 late fee, the 30-day expiry and 60 days to reinstate.
N.Y. Banking Law § 597 The volume reports DFS uses to compute your assessment.
NY-DFS Application Fee Schedule Every New York fee here, including change of control.
NY-DFS Annual Assessment Charges How the quarterly bill is computed, and what unpaid does.
NY-DFS, Information for Mortgage Industry The 5-day originals rule, the 30-day withdrawal and conferral.
NY-DFS, Warehouse Line Providers Approved by DFS The line of credit a banker must show before licensing.
New York State Department of Financial Services The agency, and its published application process.

Read from the sources above on August 26, 2026. Requirements change without notice, so confirm anything you are about to rely on with New York State Department of Financial Services. Corrections to licensing@payna.com.

Where Payna comes in

There is no renewal date to diary here. The recurring obligation is a quarterly assessment, and on the broker side § 592-a expires a registration 30 days after an unpaid bill. Payna treats the assessment as the renewal and holds the 90-day change of control clock beside it.

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