A New York originator has not held a valid license since 2020 and applies again in 2026. Assuming none of that time was spent as a registered bank originator, must the applicant retake the test?
Correct Answer
D) Retake the test: the lapse is 5 years or longer
A licensed originator who fails to maintain a valid license for a period of five years or longer, not taking into account any time during which the individual is a registered mortgage loan originator, shall retake the test. Other choices: the return is a new license rather than a renewal; the trigger is 5 years rather than 2; and making up education is a separate requirement that does not replace the test. Source: N.Y. Banking Law § 599-g(4)(d)
Why This Is the Correct Answer
A licensed originator who fails to maintain a valid license for a period of five years or longer, not taking into account any time during which the individual is a registered mortgage loan originator, shall retake the test. Other choices: the return is a new license rather than a renewal; the trigger is 5 years rather than 2; and making up education is a separate requirement that does not replace the test. Source: N.Y. Banking Law § 599-g(4)(d)
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