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Posts Tagged ‘new york mortgage license test’

To obtain a mortgage license by the New York State Banking Department, article 12-E, requires 6 processes to be completed.

First, candidates must complete 20 hours of the Nationwide Mortgage Licensing Registry’s approved pre-license education. The educations must include a minimum of 3-hours of federal law, 3-hours of ethics, 3-hours of New York law and finally, 2-hours of related to non-traditional mortgage products.

Second, individuals must submit fingerprints through the NMLS for a criminal background check by August 31, 2010. Third, they will be required to authorize a credit report. Fourth, pass the New York mortgage license test that includes the SAFE Mortgage Loan Originator test, which is two exams, a national exam and a state exam. Fifth, they must meet bonding requirements and finally, they must register with the NMLS.

Some of the deadlines have already past, but all applicants who have existing licensees approved as of July 11, 2009 have until August 31, 2010 to complete the 20 hours of NMLS approved education and pass the National and New York components of the SAFE Mortgage Loan Originator Test.

NMLS approved pre-license courses will help an individual to pass the SAFE Mortgage Loan Originator test. The courses have been designed to prepare the individual to pass, so purchasing exam prep is not necessary.