Finance
New York's 'Mortgage Banker Licensing Law' requires mortgage bankers to be licensed by the:
ANew York State Department of State (DOS)
BNew York State Department of Financial Services (DFS)✓ Correct
CNew York State Attorney General
DFederal Reserve Bank of New York
Explanation
Mortgage bankers, mortgage brokers, and loan originators in New York must be licensed by the New York State Department of Financial Services (DFS) under the Banking Law. The DFS regulates the mortgage industry to protect consumers from predatory practices and ensure compliance with state and federal lending laws.
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