What is New York mortgage broker exam? It is the new requirement for the New York state government for the mortgage brokers. If you want to become mortgage expert then it is necessary for you to pass the mortgage loan exam as per the Nationwide Mortgage Licensing System (NMLS). The Mortgage professionals have 4 attempts to pass the exam with a 30 days interval of every attempt. If you fail to pass in all four exams, then you have to wait for another 180 days to write the exam again. The main reason of this exam is NY State want their entire mortgage broker to gain the knowledge what actually the business is, so that the business would be more professional.