A New York originator applicant in 2026 asks what the 20 pre-licensing hours consist of. Which minimum subject-hour requirements must the pre-licensing education include?
Correct Answer
D) 3 federal, 3 ethics, 2 nontraditional and 3 New York law
The twenty hours shall include at least three hours of federal law and regulations, three hours of ethics covering fraud, consumer protection and fair lending, two hours on lending standards for the nontraditional mortgage product marketplace, and three hours on applicable New York State law and regulations. Other choices: the fourth component is specified rather than open; New York adds a state component where the SAFE baseline does not; and pre-licensing ethics is three hours rather than the two required in continuing education. Source: N.Y. Banking Law § 599-f(1)
Why This Is the Correct Answer
The twenty hours shall include at least three hours of federal law and regulations, three hours of ethics covering fraud, consumer protection and fair lending, two hours on lending standards for the nontraditional mortgage product marketplace, and three hours on applicable New York State law and regulations. Other choices: the fourth component is specified rather than open; New York adds a state component where the SAFE baseline does not; and pre-licensing ethics is three hours rather than the two required in continuing education. Source: N.Y. Banking Law § 599-f(1)
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