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The New York mortgage test is taken after a 20 hour New York Secure and Fair Enforcement Mortgage Licensing Act comprehensive course that is designed to meet the major criteria established by the SAFE Act designed for national mortgage loan originators, which includes courses on federal lending legislation, of fair lending and ethics and about non-traditional lending products.

In addition, the text presents elective topics specially selected to give mortgage loan originators the information they need to successfully enter the mortgage lending field. The course provides a primer on the primary and secondary mortgage markets , as well as a review of the economic, legal and valuation aspects of the real estate market. It also includes detailed types of loan products and finance instruments such as conventional, government and non-traditional financial tools that are available in today’s market. They will learn the fundamentals of the residential mortgage lending process from pre-qualifying potential borrowers, to understanding appraisals to closing a loan.

SAFE Mortgage Licensing Act requires not only New York, but all states to implement a mortgage loan originator licensing process. The New York Legislature responded by passing the New York Banking Law. Article 12-E, is the sections which requires all mortgage loan originators to be licensed. The 20-hour NMLS course will examine the new Legislation, other laws and regulations in the state of New York related to consumer protection that affect the mortgage industry in general and mortgage loan originators specifically.