Mortgage Loan Originator Licensing: MLO Education Course Providers
PRE-LICENSURE EDUCATION AND TESTING REQUIREMENTS
Pursuant to Section 599-f of the New York Banking Law, individuals applying for mortgage loan originator licensing must complete at least twenty (20) hours of education approved by the NMLS.
Pre- Licensure education must include at least the following minimum requirements:
Three hours of federal law and regulations;
Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;
Two hours of training related to lending standards for the nontraditional mortgage product marketplace; and
- Three hours of training on applicable New York State law and regulations as may be approved by the superintendent.
Education Providers seeking approval as a provider or for education courses must contact the NMLS at mortgage.nationwidelicensingsystem.org/Pages/default.aspx by selecting the Course Providers link.
Qualified test. A written test shall not be treated as a qualified written test unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including the following:
Federal law and regulation pertaining to mortgage origination;
- State law and regulation pertaining to mortgage origination; and
- Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.
An individual must obtain a grade of at least 75% on the National test and a grade of 75% on the New York State specific test to be deemed to have passed the pre-licensure test.
For additional information on testing and education please review frequently asked questions at http://www.banking.state.ny.us/mbqa1.htm