The Mid Hudson Valley Mortgage Bankers Association held an educational seminar on October 24th and the M & T Bank Regional Headquarters in Fishkill New York. The quest speaker was Jack Massaro of the New York State Banking Department. The purpose of the seminar was to provide information regarding the implementation of the new Mortgage Loan Officer Licensing Bill which was passed at the end of 2006.
As of January 1st, 2008 mortgage brokers and bankers in New York State will be required to register and become licensed. In addition to the licensing there will be a continuing education requirement. The requirement is 18 hours every two years. The education component has not been completed yet and additional information will follow from the New York State Banking Department.
Loan officers for Mortgage Brokers and Mortgage Bankers will be required to register starting on January 1, 2008. The registration fee will be $125 for each applicant and there will be a $100 fee for fingerprinting. It has not been determined if prior fingerprinting for principal will be able to be used since they are already in the system.
Once you are registered you may originate loans while the file is reviewed. Once the loan officers file is reviewed and approved they will be able to continue originating loans. Mortgage companies are encouraged to review their hiring procedures and reference and background checks to aid then in hiring of loan officers.
We were also provided with some helpful web sites for additional information.
The Conference of State Banking Supervisors
American Association of Residential Mortgage Regulators
The New York State Banking Department Site
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