Y CombinatorNew York Mortgage Loan Servicer Registration
- Surety bond
- None
- Net worth
- None
The statutory bond bands in article 12-D are written for bankers and brokers. A servicer’s financial condition is tested through the superintendent’s registration standards instead.
No figure in article 12-D. DFS publishes a net worth calculation worksheet for servicer applicants and sets the standard by regulation rather than statute.
Servicing mortgage loans on property located in New York, including as a master servicer.
Any entity servicing New York mortgage loans. Depositories and insurance companies are exempt, and a passive servicer may apply for exemption under Part 418.
Also searched as New York Mortgage Servicer License, NY MLS Registration, New York Mortgage Loan Servicer License. New York issues the Mortgage Loan Servicer Registration.
Requirements
Registration before servicing
No entity may service mortgage loans on New York property without first being registered with the superintendent. N.Y. Banking Law § 590
Application and $3,000 fee
The same as a banker licence, and double the broker registration. Branches are $500 each. NY-DFS Application Fee Schedule
Check the exemption first
Depositories and insurance companies as defined in § 590.1(e) are exempt and notify instead. Passive servicers apply separately for exemption under Part 418 rather than registering. NY-DFS, Information for Mortgage Industry
Answer within 30 days or start again
The same rule as every other New York mortgage application: an incomplete submission left unanswered for 30 days is considered withdrawn. NY-DFS, Information for Mortgage Industry
Volume of Servicing Report, quarterly
Filed through the VOSR system by registered and exempt servicers alike. DFS sizes its examiner resources from it and computes your assessment on gross New York revenue, servicing included. N.Y. Banking Law § 597
Pre-foreclosure filing on a 3-day clock
Within three business days of mailing a 90-day pre-foreclosure notice, the servicer files prescribed information with the superintendent. Three business days is the tightest deadline on this page. New York State Department of Financial Services
Vacant and abandoned property registration
Under RPAPL 1308 and 1310, report a property within 21 days of learning, or of when due diligence should have shown, that it is vacant and abandoned. Inspection and maintenance duties attach with it. New York State Department of Financial Services
Not required in New York
New York issues a mortgage servicer licence.
It is a registration under § 590(2)(b-1), and the exemptions are structural: depositories and insurance companies notify rather than register, and passive servicers apply for exemption.
N.Y. Banking Law § 590Exempt servicers have nothing to file.
Exempt servicers regulated by the Department file the Volume of Servicing Report too. The exemption is from registering, not from reporting.
N.Y. Banking Law § 597Registering is the hard part of servicing in New York.
Registration is one filing. Part 419 then governs servicing conduct here on top of the federal rules, with DFS publishing its own FAQs on it, and the reporting runs quarterly rather than annually.
New York State Department of Financial Services
Other costs
| Item | Amount | Notes |
|---|---|---|
| Branch | $500 | Per branch office. NY-DFS Application Fee Schedule |
| Change of control | $3,000 | Equal to the original registration fee. NY-DFS Application Fee Schedule |
| General assessment | Computed, billed quarterly | Allocated on gross New York revenue, servicing revenue included, from the volume you report yourself. 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 and $3,000 fee before any action is taken, decided within 90 days. N.Y. Banking Law § 594-b | Before it happens | Yes |
| 90-day pre-foreclosure notice mailed | File the prescribed information with the superintendent so the Department can reach the borrower. New York State Department of Financial Services | 3 business days | No |
| A property is found vacant and abandoned | Report it to the Department, and take up the inspection and maintenance duties that follow. New York State Department of Financial Services | 21 days from learning | No |
| Quarter end | The Volume of Servicing Report, from registered and exempt servicers alike. N.Y. Banking Law § 597 | Quarterly | No |
| New branch office | An application and a $500 investigation fee. NY-DFS Application Fee Schedule | Before opening | 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 § 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 New York servicer’s tightest deadlines are per-event, not annual: three business days from mailing a pre-foreclosure notice, 21 days from learning a property is vacant and abandoned. Payna carries those as obligations attached to the loan rather than to the licence, which is where a registration-level view loses them.
Explore
Other licences in New York
Mortgage Loan Servicer Registration elsewhere
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