Mortgage Loan Officer Licensing
 


New Mortgage Loan Officers/NYS Licensing:

http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/GettingStartedStateMLO.aspx

Mortgage Loan Officer Recourses:

NMLS:

http://mortgage.nationwidelicensingsystem.org

NMLS Call Center: 855-NMLS-123 (855-665-7123). 9:00 a.m. to 9 p.m. EST.

NYS Dept. of Financial Services:

www.dfs.ny.gov

Pre-Licensing/Continuing Education:

www.capeschool.com/mlo/index.htm

www.proschools.com

Surety Bonds: www.mtgins.com


Moneyline New York, LLC, Registered Mortgage Broker, NYS Dept. of Financial Services, 3rd Party Providers
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ortgage Loan Officer Compliance

All Mortgage Loan Officers are required to have a valid NYS NMLS license. No applications may be taken within 45 days of the non-renewal of your NMLS license. Failure to request a renewal for your NMLS license within 45 days of the end of the calendar year will be considered intent to leave the brokerage. The MLO will only be able to complete the loans already in the process. If the MLO no longer has loans in process, he/she will no longer have access to credit reports, Calyx Point and lender websites. Failure to abide by this regulation will result in termination and forfeiture of commissions owed.  

Compensation will be decided upon your successful Sponsorship and Licensing by Moneyline New York, LLC, the NMLS, and NYS DFS. Compensation is based on production during the calendar year and will adjust accordingly on the first day of the following year or when it's apparent the MLO will no longer originate loans through the brokerage. All MLO's are expected to close and fund one (1) loan per month or 12 in the calendar year. Failure to do so will result in compensation per loan funded being reduced by 50% for the first 3 months of the next calendar year or a 50% reduction in all closed and funded loans in the current calendar year which may result in a deficit to the MLO. If this situation arises, the compensation must be paid back to Moneyline New York, LLC by the end of the calendar year. Compensation payments will be withheld if it's apparent the MLO will have a deficit. The compensation owed will be applied to the MLO's outstanding balance for not meeting the above threshold. The remainder, if any, will be paid as agreed. 

All MLO's must submit a complete compliance file within 2 business days of the loan closing. This will include all pertinent documentation acquired during the loan process. Failure to do so will result in compensation being withheld until the file is in our possession. Failure to submit files may result in termination and forfeiture of monies owed. An MLO will be considered in violation of this regulation 30 days after the closing and funding of the loan. MLO's are required to submit a weekly pipeline report. This must include all pertinent information regarding loans in process and must be accurate and up to date. False entries will result in termination. 

For all mandated regulations by the NYS DFS and the NMLS, please visit their websites. Moneyline New York, LLC prides itself on its unblemished compliance record and will always uphold the integrity of our industry. 


*The above regulations have been in effect since the Safe Act was enacted on July 30, 2008, and will automatically become part of the MLO's file and must be abided by upon Sponsorship by Moneyline New York, LLC.