Mortgage Cropped 1

Reverse Mortgage Lending Authority


Reverse Mortgage Lending Authority

Pursuant to 3 NYCRR 79.3, The Department of Financial Services accepts applications to engage in reverse mortgage lending activity. 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.

Submitting a Complete Application

To ensure that your application is received, acknowledged as complete, and processed, please follow the instructions below.  No application shall be deemed to be complete until the Department has received all required information and documents.  If an application is determined to be incomplete, the applicant will receive a written notice identifying the items and matters that must be addressed for the Department to continue the application review process.

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of the Department is not received within 30 days of sending such notice, the application will be considered withdrawn.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 authorization to engage in reverse mortgage lending following the withdrawal of an application must submit a new application that must include all required information and documents.

Notice of Receipt of Application

After all required components of the application are received by the Department, a notification confirming receipt will be mailed to the applicant. 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.