1.New York Regulatory Oversight

In this unit of instruction, you will recognize the investigative and supervisory authority of the New York Department of Financial Services.

The Department of Financial Services (DFS)

oversees the licensing and regulations of the mortgage industry for the state of New York.

The DFS is led by the Superintendent of Financial Services,..

…also known as the Superintendent in regulations and laws. The Superintendent and the DFS work in conjunction with the NMLS, or Nationwide Multistate Licensing System & Registry.

The New York Regulatory Oversight-he office oversees compliance with and enforcement of financial regulations for the mortgage, finance, and banking industries.

The term licensee refers to any licensed individual or company bound by the regulations of the DFS and subject to its oversight.(1)[1]

The DFS is…

…an active participant in licensing, supervising, and enforcement action on mortgage professionals.

The DFS accepts…

…and reviews supplemental materials submitted outside of the NMLS for applicants.

The DFS regularly…

,,,examines the business of each licensee in New York's mortgage industry and initiates investigations following consumer complaints. Article Two of the New York Banking Law details these investigatory powers.

The DFS works…

…in collaboration with other federal and state agencies, including and not limited to: the Consumer Financial Protection Bureau (CFPB), the Federal Housing Administration (FHA), Veteran's Administration (VA), and the New York Attorney General.(1)[1]

1. This entity is the head of New York's mortgage licensing authority and is responsible for enforcement actions and investigations.

Superintendent of Financial Services
The Superintendent is the head of the Department of Financial Services, which oversees all mortgage industry licensing, regulations, investigations, and enforcement actions.

2. This entity provides regulatory and investigative authority over the mortgage industry in New York.

Department of Financial Services
The Superintendent is the head of the Department of Financial Services, which oversees all mortgage industry licensing, regulations, investigations, and enforcement actions.

3. This entity is used to submit most of the application materials for licensees and allows information sharing between states.

Nationwide Multistate Licensing System

The DFS and the Superintendent use the NMLS to collect and analyze application materials and communicate with other states about applicants.