New York Mortgage Broker License Requirements for 2026
Updated February 2026
Overview
New York mortgage brokers are licensed by the New York Department of Financial Services (NYDFS). New York has strict requirements including significant net worth thresholds and detailed application processes.
Requirements
| Requirement | Details |
|---|---|
| Pre-Licensing Education | 20 hours NMLS-approved pre-licensing education |
| Exam Requirements | NMLS UST (Uniform State Test) with 75% passing score |
| Background Check | FBI criminal background check + credit report |
| Net Worth Requirement | $50,000 minimum tangible net worth |
| Surety Bond | $10,000-50,000 surety bond based on volume |
| Experience | 2 years of mortgage experience required |
Estimated Costs
| Cost Item | Amount |
|---|---|
| State Application Fee | $500-1,500 |
| NMLS Fee | $100 (initial) + $100 (annual renewal) |
| Background Check | $36.25 (FBI) + $15 (credit report) |
| Pre-Licensing Education | $300-600 for 20-hour course |
| Surety Bond | $500-5,000/year (depends on bond amount) |
| Total Estimated Cost | $1,500-8,000+ |
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Steps to Get Licensed
- 1Complete 20 hours of NMLS-approved pre-licensing education
- 2Register on the NMLS and create your New York state application
- 3Submit to FBI criminal background check and credit report
- 4Meet net worth and surety bond requirements
- 5Pass the NMLS UST exam for New York
- 6Submit your application with all required documentation
- 7Maintain your license with annual CE and renewal fees
Renewal Information
New York mortgage broker licenses must be renewed annually through the NMLS between November 1 and December 31. Renewal requires 8 hours of NMLS-approved continuing education and payment of renewal fees.
NMLS Resource: Visit NMLS Website