New York has one of the most detailed applications for mortgage licenses and one of the longest timeframes in which to get the approval for the license. But the large population in the state coupled with some very high housing prices (and therefore mortgage amounts) make New York one of the most coveted licenses for a mortgage broker that can generate business in that state. Here is some information you need to know to get your mortgage broker license in New York.
What is a Private Placement or Regulation D securities offering? Simply stated, it is against the law to sell stock to the general public unless you are licensed to do so or can qualify for an exemption from the SEC rules. Section 5 of the 1933 Securities and Exchange Act clearly states, it is unlawful for any person, directly or indirectly, to sell a security unless a registration statement has been filed. You may not sell a security or deliver a security after the sale unless a registration statement is in effect. A full registration statement (like used in a traditional Initial Public Offering) is a very expensive and complex document to create and maybe overkill for most small businesses. The 1933 Securities Act does contain some exemptions, as you will see below.