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Consumer Brochures, Notices, and Forms

"What Mortgage Applicants Need to Know" Brochures

New York Banking Law has been amended by Chapter 566 of the Laws of 2024. This change requires the Department to create, post and share information with all licensed lenders and banking organizations that offer residential mortgage services. Those resources are available in our DFS Help for Homeowners section to be shared with mortgage applicants according to the type of loan being offered.

Reverse Coop Apartment Unit Loan Housing Counselors

In accordance with to New York State Banking Law Section 6-O*2 (6)(c) every authorized lender shall provide each applicant or potential applicant for a reverse cooperative apartment unit loan with the telephone number and website address of a Reverse Coop Apartment Unit Loan Housing Counselor for the purposes of acquiring reverse cooperative apartment unit loan counseling.

Counseling Disclosure Form for Loans Guaranteed Under Servicemen’s Readjustment Act of 1944

Section 6-p of the New York Banking Law requires every mortgage lending institution and mortgage banker that originates a loan secured by real property located in this state that is used for residential purposes and which will be guaranteed under the Servicemen's Readjustment Act of 1944 to disclose that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code has been offered loan counseling services. To facilitate compliance, the Department provides the New York Counseling Disclosure Form For Loans Guaranteed Under Servicemen’s Readjustment Act of 1944.

Other Sample and Model Forms and Notices

More foreclosure and mortgage related sample/model forms, notices, and disclosures can be found in the Sample/Model Forms section below.

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Mortgage Industry Licensing in General

The Department accepts applications through the Nationwide Mortgage Licensing System (NMLS). Most applications for licensure/registration must be submitted through the online NMLS application process. Use the NMLS NMLS Checklist Compiler for the types of mortgage related applications that can be submitted through the NMLS.

Application Process

In the application process, an NMLS Identification Number will be assigned to your application. Maintain a record of this NMLS Identification Number as it will be used as your application reference number throughout the remainder of the application process. The NMLS Identification Number must be included on every hard-copy document submitted to the Department of Financial Services.

Submitting a Complete Application

If you have already submitted forms MU1, MU2, MU3 or MU4 through NMLS for another state, you do not need to re-enter the company record into NMLS. However, you will be required to provide jurisdiction-specific information to DFS to support your New York State application.

Additional Requirements

No application shall be deemed to be complete until the Department has received all required information, documents, and fees. If an application is determined to be incomplete, you will receive a written notice identifying the items and matters that must be addressed for the Department to continue the application review process.

Where DFS needs originals of certain documents, as outlined in NMLS application checklists, it will accept online submission first so that mail delays do not hold up processing of the application, but the original(s) must be sent by mail to DFS within 5 days of completing the online filing. Confidential files should be encrypted or password protected. Mortgage Banking will contact the sender for the password or encryption key.

  • DFS accepts mortgage-related application materials that can be emailed at the following address: [email protected].

Confidential files should be encrypted or password protected. Mortgage Banking will contact the sender for the password or encryption key.

If a complete response fully addressing all such items and matters to the satisfaction of the Department is not received within 30 days of sending such notice, the application will be considered withdrawn. Any applicant seeking a license following the withdrawal of an application must submit a new application that must include all required information, documents, and fees.

Fees

NMLS processing fees associated with testing, education credit banking, criminal background, and credit checks are NOT included on the NMLS License Requirements and Fees Chart. For details, see the Professional Standards Fees section of the NMLS Processing Fees page. Refer to the Department's Application Fee Schedule to determine the fee for an application being filed with the Department.

Applicants pay fingerprint fees directly to IdentoGo at the time of fingerprinting. If live scan fingerprinting is done at a New York authorized IdentoGO Center located outside of New York State, an additional and separate fee may be charged.

Notice of Receipt of Application

Once all required components of an application, including hard-copy and jurisdiction-specific documents, are received by the Department, a notification confirming receipt will be mailed to the applicant. Notice of receipt is based on an initial review and additional materials may be requested during the processing of the application.

Approval or Denial

After the application has been processed, you will receive written notification of the approval or denial of the application. If the application is approved, you will be required to submit a surety bond and evidence of a line of credit with an expiration date no less than six months from the date of approval, and take part in a conferral meeting, after which a License Certificate will be issued. If the application is denied, you will receive notification of denial.

Weekly Bulletin Publication

Applications deemed complete are published in the Department’s Weekly Bulletin every Friday.

Reverse Mortgage Lending Authority

The Department of Financial Services accepts applications to engage in reverse mortgage lending activity, pursuant to 3 NYCRR 79.3. New York-licensed mortgage bankers that wish to engage in reverse mortgage lending activity must submit an application through the Nationwide Multistate Licensing System (NMLS) for authority to conduct reverse mortgage lending. Applicants can apply for either of the following authority:

  • Reverse Mortgage (HECM) Lending Authority - Restricted to the origination of Home Equity Conversion Mortgages by an FHA approved Non-supervised lender with Title II HECM authority.
  • Reverse Mortgage Lending Dual Authority - Grants authority to originate proprietary reverse mortgage loans and HECMs.

Waiver Requests

Consistent with the New York Banking Law and the Superintendent’s Regulations, the Department of Financial Services may, in its discretion and in limited circumstances, consider requests for waiver of certain informational requirements applicable to individuals, such as individual owners owning indirectly 10 percent or more of the voting stocks of an applicant or of the voting stocks of an entity that directly or indirectly owns 10 percent or more of the applicant, where it determines the waiver will not adversely impact the application process or the ability of the New York State Department of Financial Services to adequately determine the character and fitness of an applicant. Any waiver request should be in writing and submitted to the Deputy Superintendent of Mortgage Banking. Consideration of any waiver request will be fact specific and may require submission of substantial supporting documentation. Waiver requests may be granted subject to conditions.

In considering a waiver request, the Department may take into account factors such as any publicly available information that would provide the Department with sufficient insight into the background and financial status of the individual or individuals for whom the waiver is sought, lack of any direct or indirect control, influence or oversight by such individual or individuals over the management or operations of the applicant, including serving on the board of directors of the applicant or acting or functioning as a director or officer of the applicant, or any ability, whether direct or indirect, to appoint or dismiss any members of the management, the board of directors or similar officials of the applicant. Additionally, the Department may take into account any evidence of regulatory concerns regarding the applicant, its officers and directors, as well as any supplemental information submitted to determine if existing regulatory oversight, due diligence or other available or utilized processes are comparable to the Department’s application due diligence process. Any waiver request should address the above factors. Furthermore, in the process of reviewing and considering the application, the Department may request additional information and supporting documents.

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Exempt Entities and Mortgage Loan Originators

Exempt Entities

Depository institutions and insurance companies, as defined in section 590.1(e) of the New York Banking Law, are exempt from mortgage loan servicer registration requirements. Certain Passive Mortgage Loan Servicers also qualify for exemption from the registration requirements of Part 418 of the Superintendent’s Regulations.

Mortgage Loan Originator Applications

The New York State Department of Financial Services accepts new Mortgage Loan Originator (MLO) applications through the Nationwide Mortgage Licensing System (NMLS). All new applications for licensure must be submitted through the online NMLS application process.

To ensure that your application is received, acknowledged as complete, and processed, please follow the detailed instructions. No application shall be deemed to be complete until all required information, documents, and fees have been received. If an application is determined to be incomplete, you will receive written notification identifying the items and matters that must be addressed for the Department to continue the application review process. Applicants will then have 30 days to submit missing documents before the application is considered withdrawn. Applicants who have applications withdrawn must repay applicable fees and resubmit all documentation to the Department to restart the process.

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Filings and Quarterly Reporting

Mortgage Banker Quarterly Reporting

Part 410.7(m) of the Superintendent’s Regulations requires that mortgage bankers (Licensees) licensed by the New York State Department of Financial Services file unaudited financial statements with DFS within 45 days of the close of each fiscal quarter.

The Quarterly Reports are required to include, among other things, certain information with respect to mortgage loans for which the Licensee has issued commitments but which have not yet been closed and funded (Quarterly Commitment Data). Apart from Part 410.7(m), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) requires that all mortgage bankers file mortgage call reports (Mortgage Call Reports) with the Nationwide Mortgage Licensing System and Registry (NMLS). The Mortgage Call Reports include, among other things, information similar to the Quarterly Commitment Data. The Mortgage Call Reports are uploaded electronically to a database maintained by NMLS.

The Superintendent has authorized Licensees to use Mortgage Call Reports in lieu of manually submitting Quarterly Commitment Data in Quarterly Reports.

Volume of Servicing Report (VOSR)

Section 597 of the New York Banking Law (NYBL) and Section 419.12 of Part 419 of the Superintendent Regulations requires registered mortgage loan servicers and exempt mortgage loan servicers regulated by the Department to file quarterly and other reports in the form prescribed by the Superintendent. In order to facilitate compliance with the filing requirements of Section 419.12, the Department has developed the Volume of Servicing Reporting System (VOSR).

Volume of Operations Report (VOOR)

Pursuant to §597 of the New York Banking Law, licensed mortgage bankers and registered mortgage brokers are required to file a Volume of Operations Report (VOOR) annually with the Department. To facilitate compliance with the filing requirements, licensees should use the VOOR filing system, an online portal, that allows licensees and registrants to file the VOOR securely online.

Preforeclosure Filings and Vacant Property Reporting

The 2009 Mortgage Foreclosure Law requires each lender, assignee, or mortgage loan servicer to file with the Superintendent of Financial Services, within three business days after mailing the 90-day pre-foreclosure notice for residential real property or cooperative apartments, certain information that will aid the Department in assisting borrowers at risk of foreclosure.

Vacant and abandoned properties must also be reported to the Department within 21 days of the date that a mortgagee or mortgage loan servicer learns, or should have learned through the exercise of due diligence, that a property is vacant and abandoned.

MLO Quarterly Report of Employment Status

All originating entities must file a Quarterly Report of Employment Status with DFS within 30 days of the end of each calendar quarter, notifying the Department of all MLOs hired or terminated for cause during the quarter, whether such individuals are licensed by the Department or not. MLOs working under Temporary Authority must also be included in the quarterly report. Mail the completed form to the New York State Department of Financial Services, Mortgage Banking, One State Street, New York, NY 10004.

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Zombie Property Maintenance

Sections 1308 and 1310 of the New York Real Property Action and Proceedings Law (RPAPL), obligates mortgagees and servicers to assume certain responsibilities in connection with vacant and abandoned residential properties securing mortgage loans in their portfolios. Among these responsibilities are the duty to inspect properties securing delinquent loans and to register properties that meet the statutory definition of vacant and abandoned with the Department of Financial Services. Although the law has been in effect for a year now, the Department continues to encounter a significant number of errors in the reporting of vacant and abandoned properties to the Department.

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Sample and Model Forms and Notices

Foreclosure Related Sample/Model Forms

Mortgage Related Sample/Model Forms

Vacant and Abandoned Property Forms

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Industry Guidebooks and Application Forms

Unless otherwise noted, the forms below are in PDF format.

New York’s laws and DFS regulations form a complex matrix of regulatory requirements. Below, please find comprehensive guidebooks that will help companies and individuals apply for, and maintain a license. These guidebooks provide an overview of the regulatory requirements and boil them down into comprehensible directions on what information to file with DFS, at what times, and what licensees and registrants are and are not permitted to do as a regulated entity.

Check back regularly as guidebooks may be updated to account for new or revised mortgage-related federal and state laws and regulations, and Department policies and procedures.

Approval Forms

Application Forms

Borrower Counseling Forms

Surety Bond Forms and Certifications

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Contact Us

Use the following email addresses for questions regarding the status of an application, licensing requirements or mortgage banking law and regulations.

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