attorney license as mortgage broker

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mobaypearl

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Post Posted: Tue Sep 13, 2011 1:49 pm    Post subject: attorney license as mortgage broker
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How does an attorney in NY get licensed as a mortgage broker? Must the licensing exam be taken or is the attorney exempt?
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Icon Mini Profile chrisgummerson
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Post Posted: Tue Sep 13, 2011 3:45 pm    Post subject:
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I doubt that the attorney would be exempt form the testing. Exempt from schooling is a possibility. I know if CA, if you have financial degree, and 2 years in real estate then you are exempt from taking the broker coursework and you can just apply and take the broker exam. Call the NY DRE and they will tell you for certain. Good Luck
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Icon Mini Profile jameshogg
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Post Posted: Tue Sep 13, 2011 6:55 pm    Post subject:
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Hi mobaypearl,

As far as I know, in order to qualify as a mortgage broker, the attorney will have to clear the licensing exam. However, laws may vary from one state to another.

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Post Posted: Fri Sep 16, 2011 4:36 am    Post subject: Answer
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All New York mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to New York-required content. Continuing Education Requirements include at least eight hours of NMLS approved instruction.

The licensing fee for NMLS for Loan Originators is $319, and the fee for Mortgage Broker is $1,500. Click on the link in the preceding sentence for more details about each license.

Applicants looking to become a Mortgage Broker in New York must submit a Surety Bond in the amount of $10,000.

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