NY adopts new streamlined licensing process for mortgage
On June 5, 2014, Benjamin M. Lawsky, Superintendent of Financial Services, announced that the Department of Financial Services (DFS) is implementing a new streamlined licensing process for mortgage banking in New York.
http://dfs.ny.gov/about/press2014/pr1406051.htm
These measures include:
1. Adoption of the Uniform State Test effective September 2, 2014.
2. Transitional License Applications for Mortgage Loan Originators.
3. Cutting Down on Unnecessary Layers of Review.
4. Dedicated Mailboxes to Answer Questions.
5. Electronic Submission of Application Materials.
6. Elimination of “Placeholder Applications.”
7. Launch of New Comprehensive Online Resource Center providing access to new industry guidebooks, information regarding new proposed regulations and New York’s adoption of the Uniform State Test, and step-by-step directions on how to apply for a license to become a mortgage banker, mortgage broker, mortgage loan servicer, or mortgage loan originator, as well as how and when to apply for a change of control of a regulated entity, how to apply for a new branch location, and more.
8. DFS will be issuing comprehensive guidebooks that help companies and individuals to not only apply for a license, but to maintain a license.
9. Eliminating Unnecessary Regulatory Requirements, Clarifying the Rules of the Road
www.dfs.ny.gov/mortgage.
