New York Mortgage Broker Registration

NY-DFSNMLS and state portalChecked August 26, 2026

Surety bond: $10,000 to $100,000
Net worth: None
Original registration: $1,500
Expiry: Does not expire

Soliciting, processing, placing or negotiating mortgage loans for others on New York property.

Any entity brokering New York mortgage loans without funding them. Making loans needs the banker licence instead; a registration does not reach lending.

Also searched as New York Mortgage Broker License, NYDFS Mortgage Broker License. New York issues the Mortgage Broker Registration.

Requirements

A registration, not a licence
New York registers brokers and licenses bankers. Nobody may solicit, process, place or negotiate a New York mortgage loan without first being registered with the superintendent. N.Y. Banking Law § 590
Application and $1,500 fee
Half the banker fee, filed through NMLS with the New York package sent to DFS directly. NY-DFS Application Fee Schedule
Surety bond, or a deposit
Never less than $10,000 and never more than $100,000, in an amount and form the superintendent prescribes. A deposit may stand in place of the bond. N.Y. Banking Law § 591-a
Answer within 30 days or start again
A submission that does not fully address every item DFS raised within 30 days leaves the application considered withdrawn, and you pay the fees again. NY-DFS, Information for Mortgage Industry
Branch offices at $500
Each branch office application carries its own $500 investigation fee. NY-DFS Application Fee Schedule
Pay the assessment on time
A $100 late fee attaches the moment payment misses the due date, and an unpaid assessment expires the registration shortly after. This is the real renewal obligation. N.Y. Banking Law § 592-a
File the Volume of Operations Report
Annually, even at zero volume. It sets the regulatory component of your assessment, and an inactive broker still owes the minimum supervisory component. N.Y. Banking Law § 597

Not required in New York

New York issues a mortgage broker license.
It issues a registration. The distinction is the statute’s own, and it decides which section, which fee and which expiry rule applies to you.
N.Y. Banking Law § 590
Going inactive stops the bills.
It does not. An inactive broker is still billed the general assessment; reporting zero volume removes only the regulatory component, never the minimum supervisory one.
NY-DFS Annual Assessment Charges
An expired registration can be sorted out later.
Sixty days. Pay the assessment, late fee and interest inside that window and the registration reinstates automatically. Miss it and the expiry is permanent, and you cannot do business here until a new application is approved.
N.Y. Banking Law § 592-a

Other costs

Item	Amount	Notes
Branch	$500	Per branch office. NY-DFS Application Fee Schedule
Change of control	$1,500	Equal to the original registration fee. NY-DFS Application Fee Schedule
Assessment late fee	$100	Charged the moment payment misses the due date, with interest running through the 60-day reinstatement window. N.Y. Banking Law § 592-a

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 and fee before any action is taken, decided by the superintendent in writing within 90 days. N.Y. Banking Law § 594-b	Before it happens	Yes
Assessment falls due	Pay it. A $100 late fee attaches at the due date and the registration expires 30 days later. N.Y. Banking Law § 592-a	By the billed due date	No
Registration expires for nonpayment	Pay the assessment, late fee and interest to reinstate automatically. After the window it is a new application. N.Y. Banking Law § 592-a	60 days from expiry	No
New branch office	An application and a $500 investigation fee. NY-DFS Application Fee Schedule	Before opening	Yes
Originators hired or terminated for cause	The Quarterly Report of Employment Status, mailed to DFS on paper, covering unlicensed individuals and temporary authority as well. New York State Department of Financial Services	30 days after calendar quarter end	No

"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-a The broker registration and its lower bond band.
N.Y. Banking Law § 592-a The $100 late fee, the 30-day expiry and 60 days to reinstate.
N.Y. Banking Law § 594-b Prior approval for a change of control, decided in 90 days.
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.
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

A finance team can lose this registration without compliance ever hearing about it: an unpaid quarterly assessment expires it in 30 days, with 60 to reinstate. Payna carries the assessment as a dated obligation rather than an invoice, so the people who watch licences see it before the window closes.

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