What a New York mortgage loan officer license costs
The number a course provider advertises is one line of this bill. Before you originate a single loan in New York you also owe the Nationwide Multistate Licensing System, usually written NMLS, for processing your application, a background check, a credit report and the Secure and Fair Enforcement (SAFE) Act test for mortgage loan originators, and you owe New York State Department of Financial Services for the license itself. Those fees are owed whichever course you pick, so comparing tuition alone understates what getting licensed costs. Everything below is a one-time cost per person unless it says otherwise.
Fees you pay whichever course you choose
| NMLS initial set-up fee Charged when you first file the individual MU4 form. | $35 |
| SAFE MLO test fee One national test. Every state has adopted it, so there is no second state exam to pay for. | $110 |
| Criminal background check Add a $10 card packet fee if you submit fingerprints on a print card rather than by Livescan. | $36 |
| Credit report Charged at new application unless NMLS already holds a report less than 30 days old. | $15 |
| New York Mortgage Loan Originator License application fee Paid to New York State Department of Financial Services. | $175 |
| New York fingerprinting Paid to IdentoGO and separate from the national criminal background check. Costs more again if you are fingerprinted outside New York. | $87 |
| Fees total | $458 |
Course tuition
New York courses in our comparison run from $89 to $649. That has to cover all 20 required hours , and where a package includes the state-specific hours the comparison table says so.
Cheapest realistic total
$547 using the cheapest listed course
What it costs every year after that
The license is renewed annually. Budget $35 for the NMLS annual processing fee, whatever New York State Department of Financial Services charges to renew, and the cost of your continuing education hours.