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The primary difference between mortgage bankers and mortgage brokers is how the loan closes. Mortgage bankers close the loan in their name and use their funds (in most cases). Mortgage brokers facilitate the closing, whereas the lender itself closes and funds the loan.
WHAT IS A MORTGAGE LOAN ORIGINATOR? A mortgage loan originator (MLO) is an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
The NMLS is a centralized database used by regulatory agencies to maintain and track state licensing programs. It is designed to help protect borrowers by ensuring that individuals and businesses are properly licensed in their jurisdiction.
Request your personal NMLS account. The NMLS system is used to process MLO licensing requests for all 50 states, including New York. Complete Your New York NMLS Pre-License Education. Pass the NMLS Mortgage Licensing Exam. Apply for your NMLS License. Background Checks, Credit Check, and Fees. Get Hired as a Loan Originator.
Types of Mortgage Licenses in New York In NY, companies engaged in the mortgage brokering and mortgage loan servicing business are required to obtain a registration.

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The New York State Department of Financial Services accepts applications through the Nationwide Mortgage Licensing System (NMLS). All applications for licensure/registration must be submitted through the online NMLS application process.
As long as you engage in mortgage loan origination related to New York residential real estate or supervise loan processors or underwriters and are not considered exempt pursuant to Article 12-E, you must be licensed as an MLO by the Department of Financial Services .
In New York State, mortgage brokers must register with the New York State Department of Financial Services (the Department) to conduct business. Registered mortgage brokers are required to comply with federal disclosure and fair lending laws, in addition to New York-specific statutes and regulations.

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