A New York applicant in 2026 had an originator license revoked in Ohio in 2013. How does that prior revocation affect eligibility for a New York originator license?
Correct Answer
C) No license may issue, unless that revocation was formally vacated
The superintendent shall not issue a license unless the applicant has never had a mortgage loan originator authorization, license or license equivalent revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation. Other choices: the bar is absolute apart from a formal vacation; no lookback softens it; and reinstatement is not the same as vacation. Source: N.Y. Banking Law § 599-e(1)(a)
Why This Is the Correct Answer
The superintendent shall not issue a license unless the applicant has never had a mortgage loan originator authorization, license or license equivalent revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation. Other choices: the bar is absolute apart from a formal vacation; no lookback softens it; and reinstatement is not the same as vacation. Source: N.Y. Banking Law § 599-e(1)(a)
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