NMLS is now accepting applications for the New York Reverse Mortgage Lending Dual Authority License and Reverse Mortgage (HECM) Lending License. These appear to be the first licenses related exclusively to reverse mortgage lending activities on NMLS. The New York Reverse Mortgage Lending Dual Authority License encompasses the activities contemplated by the New York Reverse Mortgage (HECM) Lending License, as well as proprietary reverse mortgage loans under Sections 280 and 280-a of the New York Real Property Law.
Both licenses require the applicant to:
- Hold a valid New York Mortgage Banker License
- Be an approved FHA Non-Supervised Lender with Title II HECM Lending Authority
- Meet the financial responsibility requirements of N.Y. Comp. Codes R. & Regs. tit. 3, § 410.1(b)
Additionally, both licenses have separate net worth requirements that are tied to the applicant’s total volume of originated loans. For assistance with preparing and submitting license applications, check in with APPROVED.