reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Foreign Banking Corporations › Supervisory Procedure 105 - Procedure for a Foreign Banking Corporation for a Change of Manager, Deputy Manager, Representative or Individual Designated to Receive Process › Section 105.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
A foreign banking corporation maintaining a New York
					 State-licensed branch, agency or representative office that proposes to change
					 its manager, deputy manager, representative or individual designated to receive
					 process, shall submit a letter to the superintendent indicating the name(s) of
					 the individual(s) to whom such change is being made.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Foreign Banking Corporations › Supervisory Procedure 105 - Procedure for a Foreign Banking Corporation for a Change of Manager, Deputy Manager, Representative or Individual Designated to Receive Process › Section 105.2 - Documents required

Current through Register Vol. 46, No. 28, July 10, 2024
The letter shall be accompanied by:
(a) A certified copy of the resolution of the
				  foreign banking corporation's board of directors (accompanied by a translation
				  into English if applicable) sworn to before a United States Consular Official
				  (or accompanied by an apostille):
(1)
				  authorizing designation of the person who is to be in charge of the business
				  and affairs of the branch or agency, or named as the representative of the
				  bank, and/or authorizing designation of the officer to whom process may be
				  forwarded by the Superintendent of Banks; or
(2) evidencing that the board of directors
				  has designated a person in the bank who is authorized to appoint persons to the
				  position of general manager, deputy general manager, representative of the
				  bank, or officer to whom process may be forwarded by the Superintendent of
				  Banks, accompanied by a certificate (in English), signed by the person
				  designated in the resolution, appointing an individual to such
				  position.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 101 - Application for a License as a Mortgage Banker › Section 101.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General requirements. Any person or entity seeking to engage in the business of
				  making five or more mortgage loans in any one calendar year shall submit to the
				  superintendent an application on Form MB-101 containing the information and
				  documents required by section
				  101.4  of this
				  Supervisory Procedure, accompanied by payment of the fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title. A separate check that may be either
				  certified, bank check or money order payable to the "New York State Banking
				  Department" to cover the processing of the New York State and FBI fingerprints
				  cards is to be included. The application, questionnaires and other related
				  documents shall be filed in duplicate under oath with the Mortgage Banking
				  Division of the Banking Department.
(b) Time periods. All of the information and
				  documents required to be submitted by an applicant pursuant to this Supervisory
				  Procedure shall be supplied to the superintendent. The statutory period for
				  approval or disapproval set forth in section 592  of the Banking Law shall commence on the
				  date that the Banking Department has received both the applicable filing fee
				  and an application determined by the Banking Department to be complete and
				  prepared in accordance with this Supervisory Procedure.
(c) Execution. Each copy of the application
				  shall be signed by the applicant. If the applicant is a partnership,
				  corporation, trust or other entity, the application shall be signed by a
				  controlling member, authorized executive officer or trustee as applicable. A
				  corporate applicant shall submit a copy of the corporate resolution authorizing
				  the officer to sign the application on behalf of the corporation. Each person
				  signing the application shall:
(1) certify
				  that the superintendent will be promptly advised of any changes which may occur
				  in the information furnished in the application subsequent to the date upon
				  which the information was furnished; and
(2) affirm, under penalty of perjury, that
				  the application was reviewed and that the application does not make any untrue
				  statement of a material fact or omit any material fact necessary in order that
				  the application not be misleading.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 101 - Application for a License as a Mortgage Banker › Section 101.2 - Application forms and assistance

Current through Register Vol. 46, No. 28, July 10, 2024
Application forms and assistance in preparing such
					 applications may be obtained through the Mortgage Banking Division of the
					 Banking Department, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 101 - Application for a License as a Mortgage Banker › Section 101.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Executive officer is any officer who
				  participates or has authority to participate in major policy-making functions
				  of the institution, regardless of his or her title.
(b) Controlling member of a partnership is
				  any general partner or any limited partner with 10 percent or more equity
				  interest in the partnership.
(c)
				  Affiliate is any person that directly, or indirectly through one or more
				  intermediaries, controls, is controlled by, or is under common control with the
				  person specified.
(d) Subsidiary is
				  any company, a majority of the voting stock of which is directly or indirectly
				  owned, controlled or held with power to vote, by an applicant or any entity
				  controlled by an applicant.
(e)
				  Adjusted net worth is defined in Part 410 of this Title.
(f) Principal stockholder is any person who
				  directly or indirectly owns, controls or holds with power to vote 10 percent or
				  more of any class of outstanding capital stock of a corporation or possesses
				  the power to direct or cause the direction of the management and policies of a
				  mortgage banker.
(g) Principal
				  beneficiary is any person or entity entitled to 10 percent or more of the
				  benefit of the trust.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 102 - Application for Registration as a Mortgage Broker › Section 102.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General requirements. Any person or entity seeking to engage in the business of
				  soliciting, processing, placing or negotiating a mortgage loan or offering to
				  solicit, process, place or negotiate a mortgage loan in this State shall submit
				  an application to the superintendent on form MB-102 containing the information
				  and documents required by section
				  102.4 
				  of this Supervisory Procedure, accompanied by payment of the fee specified in
				  section
				  1.2  of
				  Supervisory Policy G 1 of this Title. A separate check that may be either
				  certified, bank check or money order payable to the "New York State Banking
				  Department" to cover the processing of the New York State and FBI fingerprints
				  cards is to be included. The application, questionnaires and other related
				  documents shall be filed in duplicate under oath with the Mortgage Banking
				  Division of the Banking Department.
(b) Time periods. All of the information and
				  documents required to be submitted by an applicant pursuant to this Supervisory
				  Procedure shall be supplied to the superintendent. The statutory period for
				  approval or disapproval set forth in section 592-a  of the Banking Law shall commence on
				  the date that the Banking Department has received both the applicable filing
				  fee and an application determined by the Banking Department to be complete and
				  prepared in accordance with this Supervisory Procedure.
(c) Execution. Each copy of the application
				  shall be signed by the applicant. If the applicant is a partnership,
				  corporation, trust or other entity, the application shall be signed by a
				  controlling member, authorized executive officer or trustee as applicable. A
				  corporate applicant shall submit a copy of the corporate resolution authorizing
				  the officer to sign the application on behalf of the corporation. Each person
				  signing the application shall:
(1) certify
				  that the superintendent will be promptly advised of any changes which may occur
				  in the information furnished in the application subsequent to the date upon
				  which the information was furnished; and
(2) affirm, under penalty of perjury, that
				  the application was reviewed and that the application does not make any untrue
				  statement of a material fact or omit any material fact necessary in order that
				  the application not be misleading. If the application is executed outside of
				  New York State, a county clerk's certificate authenticating the signatures of
				  the notaries taking the acknowledgements must be affixed to the
				  application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 102 - Application for Registration as a Mortgage Broker › Section 102.2 - Application forms and assistance

Current through Register Vol. 46, No. 28, July 10, 2024
Application forms and assistance in preparing such
					 applications may be obtained through the Mortgage Banking Division of the
					 Banking Department, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 102 - Application for Registration as a Mortgage Broker › Section 102.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Executive officer is any officer who
				  participates or has authority to participate in major policy-making functions
				  of the institution, regardless of his or her title.
(b) Controlling member of a partnership is
				  any general partner or any limited partner with 10 percent or more equity
				  interest in the partnership.
(c)
				  Affiliate is any person that directly, or indirectly through one or more
				  intermediaries, controls, is controlled by, or is under common control with the
				  person specified.
(d) Subsidiary is
				  any company, a majority of the voting stock of which is directly or indirectly
				  owned, controlled or held with power to vote, by an applicant or any entity
				  controlled by an applicant.
(e)
				  Principal stockholder is any person who directly or indirectly owns, controls
				  or holds with power to vote 10 percent or more of any class of outstanding
				  capital stock of a corporation or possesses the power to direct or cause the
				  direction of the management and policies of a mortgage broker.
(f) Principal beneficiary is any person or
				  entity entitled to 10 percent or more of the benefit of the trust.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 103 - Application for a Change in Control of a Mortgage Banker › Section 103.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General requirements. Any person or entity seeking to acquire control of a
				  mortgage banker under section 594-b  of the Banking Law shall submit to
				  the superintendent an application on Form MB-103 containing the information and
				  documents required by section
				  103.4 
				  of this Supervisory Procedure, accompanied by payment of the fee specified in
				  section
				  1.2  of
				  Supervisory Policy G 1 of this Title. A separate check that may be either
				  certified, bank check or money order payable to the "New York State Banking
				  Department" to cover the processing of the New York State and FBI fingerprints
				  cards is to be included. The application, questionnaires and other related
				  documents shall be filed in duplicate under oath with the Mortgage Banking
				  Division of the New York State Banking Department.
(b) Time periods. All of the information and
				  documents required to be submitted by an applicant pursuant to this Supervisory
				  Procedure shall be supplied to the superintendent. The statutory period for
				  approval or disapproval set forth in section 594-b (2)  of the Banking
				  Law shall commence on the date that the Banking Department has received both
				  the applicable filing fee and an application determined by the Banking
				  Department to be complete and prepared in accordance with this Supervisory
				  Procedure.
(c) Execution. Each copy
				  of the application shall be signed by the applicant. If the applicant is a
				  partnership, corporation, trust or other entity, the application shall be
				  signed by a partner, authorized executive officer or trustee as applicable. A
				  corporate applicant shall submit a copy of the corporate resolution authorizing
				  the officer to sign the application on behalf of the corporation. Each person
				  signing the application shall:
(1) certify
				  that the superintendent will be promptly advised of any changes which may occur
				  in the information furnished in the application subsequent to the date upon
				  which the information was furnished; and
(2) affirm, under penalty of perjury, that
				  the application was reviewed and that the application does not make any untrue
				  statement of a material fact or omit any material fact necessary in order that
				  the application not be misleading. If the application is executed outside of
				  New York State, a county clerk's certificate authenticating the signatures of
				  the notaries taking the acknowledgements must be affixed to the
				  application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 103 - Application for a Change in Control of a Mortgage Banker › Section 103.2 - Application forms and assistance

Current through Register Vol. 46, No. 28, July 10, 2024
Application forms and assistance in preparing such
					 applications may be obtained through the Mortgage Banking Division of the
					 Banking Department, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 103 - Application for a Change in Control of a Mortgage Banker › Section 103.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Person and control are as defined in
				  section 594-b (4)  of the Banking
				  Law.
(b) Affiliate is any person
				  that directly, or indirectly through one or more intermediaries, controls, is
				  controlled by, or is under common control with the person specified.
(c) Subsidiary is any company, a majority of
				  the voting stock of which is directly or indirectly owned, controlled or held
				  with power to vote, by an applicant or any entity controlled by an
				  applicant.
(d) Executive officer is
				  any officer who participates or has authority to participate in major
				  policy-making functions of the institution, regardless of his or her
				  title.
(e) Controlling member of a
				  partnership is any general partner or any limited partner with 10 percent or
				  more equity interest in the partnership.
(f) Principal stockholder is any person who
				  directly or indirectly owns, controls or holds with power to vote 10 percent or
				  more of any class of outstanding capital stock of a corporation or possesses
				  the power to direct or cause the direction of the management and policies of a
				  mortgage banker.
(g) Principal
				  beneficiary is any person or entity entitled to 10 percent or more of the
				  benefit of the trust.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 104 - Application for a Change in Control of a Mortgage Broker › Section 104.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General requirements. Any person or entity seeking to acquire control of a
				  mortgage broker under section 594-b  of the Banking Law shall submit to
				  the superintendent an application on Form MB-104 containing the information and
				  documents required by section
				  104.4 
				  of this Supervisory Procedure, accompanied by payment of the fee specified in
				  section
				  1.2  of
				  Supervisory Policy G 1 of this Title. A separate check that may be either
				  certified, bank check or money order payable to the "New York State Banking
				  Department" to cover the processing of the New York State and FBI fingerprints
				  cards is to be included. The application, questionnaires and other related
				  documents shall be filed in duplicate under oath with the Mortgage Banking
				  Division of the Banking Department.
(b) Time periods. All of the information and
				  documents required to be submitted by an applicant pursuant to this Supervisory
				  Procedure shall be supplied to the superintendent. The statutory period for
				  approval or disapproval set forth in section 594-b (2)  of the Banking
				  Law shall commence on the date that the Banking Department has received both
				  the applicable filing fee and an application determined by the Banking
				  Department to be complete and prepared in accordance with this Supervisory
				  Procedure.
(c) Execution. Each copy
				  of the application shall be signed by the applicant. If the applicant is a
				  partnership, corporation, trust or other entity, the application shall be
				  signed by a partner, authorized executive officer or trustee as applicable. A
				  corporate applicant shall submit a copy of the corporate resolution authorizing
				  the officer to sign the application on behalf of the corporation. Each person
				  signing the application shall:
(1) certify
				  that the superintendent will be promptly advised of any changes which may occur
				  in the information furnished in the application subsequent to the date upon
				  which the information was furnished; and
(2) affirm, under penalty of perjury, that
				  the application was reviewed and that the application does not make any untrue
				  statement of a material fact or omit any material fact necessary in order that
				  the application not be misleading. If the application is executed outside of
				  New York State, a county clerk's certificate authenticating the signatures of
				  the notaries taking the acknowledgements must be affixed to the
				  application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 104 - Application for a Change in Control of a Mortgage Broker › Section 104.2 - Application forms and assistance

Current through Register Vol. 46, No. 28, July 10, 2024
Application forms and assistance in preparing such
					 applications may be obtained through the Mortgage Banking Division of the
					 Banking Department, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 104 - Application for a Change in Control of a Mortgage Broker › Section 104.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Person and control are as defined in
				  section 594-b (4)  of the Banking
				  Law.
(b) Affiliate is any person
				  that directly, or indirectly through one or more intermediaries, controls, is
				  controlled by, or is under common control with the person specified.
(c) Subsidiary is any company, a majority of
				  the voting stock of which is directly or indirectly owned, controlled or held
				  with power to vote, by an applicant or any entity controlled by an
				  applicant.
(d) Executive officer is
				  any officer who participates or has authority to participate in major
				  policy-making functions of the institution, regardless of his or her
				  title.
(e) Controlling member of a
				  partnership is any general partner or any limited partner with 10 percent or
				  more equity interest in the partnership.
(f) Principal stockholder is any person who
				  directly or indirectly owns, controls or holds with power to vote 10 percent or
				  more of any class of outstanding capital stock of a corporation or possesses
				  the power to direct or cause the direction of the management and policies of a
				  mortgage broker.
(g) Principal
				  beneficiary is any person or entity entitled to 10 percent or more of the
				  benefit of the trust.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 104 - Application for a Change in Control of a Mortgage Broker › Section 104.4 - Information and documents required to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
A person seeking control of a mortgage broker must submit
					 information and documents as set forth below:
(a) Name and address of mortgage broker and
				  applicant. Set forth the name, address, principal place of business, telephone
				  and fax numbers of the applicant and of the mortgage broker in which an
				  interest is being acquired. If applicable, also state any trade or fictitious
				  names which have been or will be used by the applicant.
(b) Type of qualifying experience. Each
				  mortgage broker must have a person with the qualifying experience, as described
				  in Part 410 of this Title, as either an owner, general partner, trustee or
				  executive officer of the corporation. Such person shall be actively engaged in
				  the daily operation of the mortgage broker. State the name of the person who,
				  subsequent to the proposed change of control, will have such experience and the
				  category that best describes the type of experience:
(1) real estate broker;
(2) credit experience;
(3) relevant business experience;
(4) attorney.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 105 - Application by a Mortgage Broker for Inactive Status › Section 105.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Employee is:
(1) any individual performing a service for
				  any one of either a mortgage broker, mortgage banker or exempt organization for
				  whom such entity would be liable for withholding taxes pursuant to title 26 of
				  the United States Code; or
(2) any
				  person engaged in regulated activities as an associate or affiliate of any one
				  of either a mortgage broker, mortgage banker or exempt organization which has
				  filed an undertaking of accountability with the superintendent in such form as
				  may be prescribed by the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 105 - Application by a Mortgage Broker for Inactive Status › Section 105.2 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Need for application. No registered mortgage broker may perform the services of
				  an employee of a mortgage broker, mortgage banker or exempt organization while
				  registered as a mortgage broker in his/her own right unless an application for
				  inactive status has been filed with and approved by the Superintendent of
				  Banks.
(b) Execution. The
				  application shall be signed by the applicant. If the applicant is an
				  individual, the application shall be executed by such individual and the
				  signature shall be notarized. If the applicant is a corporation, the
				  application shall be executed by each principal stockholder, the signature
				  shall be notarized and the application shall be accompanied by a duly executed
				  corporate board resolution indicating the board's approval of the application.
				  If the applicant is a partnership, the application shall be executed by each
				  partner and each signature shall be notarized. If the applicant is a trust, the
				  application shall be executed by each trustee and each signature shall be
				  notarized. The application may be executed in counter-parts, provided that all
				  counter-parts are submitted together.
(c) Additional information and in-person
				  conferences. The superintendent reserves the right to require additional
				  information in connection with the application. In the absence of the showing
				  of undue hardship the superintendent may also require that the applicant and
				  any officers, directors and/or representatives of the applicant appear at the
				  Banking Department for conferences. The applicant may submit any additional
				  information it deems pertinent to the application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 105 - Application by a Mortgage Broker for Inactive Status › Section 105.3 - Application assistance

Current through Register Vol. 46, No. 28, July 10, 2024
Application forms and assistance in preparing such
					 applications may be obtained through the Mortgage Banking Division of the
					 Banking Department, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 105 - Application by a Mortgage Broker for Inactive Status › Section 105.4 - Application and undertaking

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General requirements. Any mortgage broker seeking to effectuate a change to an
				  inactive status shall file a letter application with the superintendent
				  requesting the change in status and explaining the reason for such request. The
				  application shall be accompanied by the existing valid registration
				  certificate, which will be returned stamped inactive, and an undertaking to the
				  superintendent containing the following provisions:
(1) that the general assessment charged for
				  each year of such inactive status is to be paid pursuant to sections 17 and
				  591-a(1) of the New York Banking Law;
(2) that at the superintendent's discretion
				  the inactive broker continues to be subject to an examination of its books and
				  records, the cost of which will be borne by the mortgage broker;
(3) that a written notification of intent to
				  resume business will be filed with the superintendent at least 30 days prior to
				  the resumption of business along with the registration certificate stamped
				  inactive;
(4) that the
				  superintendent will be immediately notified of any change in the official
				  address of record of the mortgage broker;
(5) that the superintendent will be
				  immediately notified of any change in the telephone number of record of the
				  mortgage broker; and
(6) that an
				  annual certification of inactive status shall be filed with the superintendent
				  on a form provided by the Mortgage Banking Division.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 105 - Application by a Mortgage Broker for Inactive Status › Section 105.5 - Resumption of active status

Current through Register Vol. 46, No. 28, July 10, 2024
Within 30 days of receiving written notification of intent
					 to resume business and the registration certificate stamped inactive, the
					 superintendent shall issue a new registration certificate authorizing the
					 resumption of the mortgage brokerage business, which action shall be published
					 in the Banking Department's weekly bulletin.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 106 - Application to Act as an FHA Mortgage Loan Correspondent › Section 106.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any
				  person or entity seeking to act as an FHA mortgage loan correspondent shall
				  submit to the superintendent a letter application containing the information
				  and documents required by section
				  106.3  of
				  this Supervisory Procedure. The letter application shall be signed by the
				  applicant. If the applicant is a partnership, corporation, trust or other
				  entity, the application shall be signed by a controlling member, authorized
				  executive officer or trustee as applicable. A corporate applicant shall submit
				  a copy of the corporate resolution authorizing the officer to sign the
				  application on behalf of the corporation. Each person signing the application
				  shall:
(1) certify that the superintendent
				  will be promptly advised of any changes which may occur in the information
				  furnished in the application subsequent to the date upon which the information
				  was furnished; and
(2) affirm,
				  under penalty of perjury, that the application was reviewed and that the
				  application does not make any untrue statement of a material fact or omit any
				  material fact necessary in order that the application not be
				  misleading.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 106 - Application to Act as an FHA Mortgage Loan Correspondent › Section 106.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) The term mortgage banker shall mean a
				  mortgage banker as defined in section 590 (1)(f)  of the Banking
				  Law.
(b) The term mortgage broker
				  shall mean a mortgage broker as defined in section 590 (1)(g)  of the Banking
				  Law.
(c) The term exempt
				  organization shall mean an exempt organization as defined in section
				  39.2  of this
				  Title.
(d) The term FHA mortgage
				  loan correspondent shall mean a mortgagee approved by the Secretary of Housing
				  and Urban Development which either:
(1) has
				  as its principal activity the origination of mortgages for sale or transfer to
				  a sponsor or sponsors; or
(2)
				  satisfies the definition of a supervised mortgagee contained in the regulations
				  of the Secretary of the Department of Housing and Urban Development.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 106 - Application to Act as an FHA Mortgage Loan Correspondent › Section 106.3 - Information and documents required to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
An applicant must submit a letter application requesting
					 approval to make FHA insured mortgage loans accompanied by the following
					 documentation in order to obtain the approval of the superintendent to make FHA
					 insured mortgage loans:
(a) a copy of
				  the FHA approval letter issued by the Director, Lender Approval and
				  Recertification Division or similar official with equivalent status;
(b) a copy of the completed application
				  submitted to the Department of Housing and Urban Development including all
				  supporting documents including, but not limited to, the following:
(1) HUD Form 92001 E, Application for
				  Approval as Mortgagee/Loan Correspondent;
(2) HUD Form 92001 C, Supplement to
				  Application for Approval, Schedule I;
(3) HUD Form 92001 D, Supplement to Approval,
				  Schedule II; and
(4) HUD Form 92001
				  B, Branch Office Notification, if applicable;
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 107 - Application for Initial License as a Mortgage Loan Originator; Request for Renewal of License › Section 107.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For purposes of
				  this Supervisory Procedure:
(1)
Annual expiration date
has the meaning set forth in section
				  420.3(a) 
				  of this Title.
(2)
Mortgage
				  loan originator
or
MLO
has the meaning set forth in
				  section
				  420.3(g) 
				  of this Title.
(3)
National
				  Mortgage Licensing System and Registry
(
NMLS
) has the
				  meaning set forth in section
				  420.3(h) 
				  of this Title.
(4)
Originating entity
has the meaning set forth in section
				  420.3(i) 
				  of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 107 - Application for Initial License as a Mortgage Loan Originator; Request for Renewal of License › Section 107.2 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Application for initial
				  license
.
Any individual seeking an initial license as an MLO shall
					 submit an application for initial license. The application shall be sworn to or
					 affirmed by the applicant and submitted in such form and in such manner as may
					 be prescribed by the superintendent. Applicants will be required to submit
					 certain parts of an application electronically through the NMLS. Certain
					 information must be submitted by mail to the department at the address set
					 forth in Supervisory Policy G 1 of this Title.
The application form prescribed by the superintendent and
					 instructions on how to use the NMLS will be available on the department's
					 website (www.dfs.ny.gov) or in links provided in the department's
					 website.
(b)
Request
				  for annual renewal required
.
An MLO seeking annual renewal of a license shall submit a
					 request for renewal. The annual renewal request shall be sworn to or affirmed
					 by the MLO and submitted in such form and in such manner as may be prescribed
					 by the superintendent.
(c)
Expiration date, renewal request period
.
All licenses and renewals issued by the superintendent
					 under the provisions of article 12-E of the Banking Law shall expire annually
					 on the annual expiration date; provided that the license maybe renewed for an
					 additional year by:
(1) paying the
				  annual renewal fee;
(2) submitting
				  an annual request for renewal during the renewal period announced by the
				  superintendent and available on the department's website (www.dfs.ny.gov).
				  Applicants shall submit renewal applications electronically through the NMLS.
				  The form of renewal applicable will be available on the website of the NMLS and
				  will also be available on the website of the department; and
(3) providing evidence that the requisite
				  continuing education courses have been completed.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 107 - Application for Initial License as a Mortgage Loan Originator; Request for Renewal of License › Section 107.4 - Requirements for renewal

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Submission date
.
A completed request for renewal shall be submitted
					 according to the schedule determined by the superintendent and available at the
					 department's website (www.dfs.ny.gov).
(b)
Requirements for renewal
.
A completed request for renewal shall consist of the
					 following:
(1) The renewal request
				  form, which shall be attested to by the licensed MLO and submitted
				  electronically to the Department of Financial Services through the NMLS. The
				  information provided shall be accurate as of the date of such
				  renewal.
(2) The annual license
				  fee, which shall be submitted electronically together with the renewal request
				  form, in the amount and paid by a method specified on the department's website
				  (www.dfs.ny.gov).
(3) Such
				  additional information and documents as may be prescribed by the superintendent
				  and listed at the department's website (www.dfs.ny.gov).
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 107 - Application for Initial License as a Mortgage Loan Originator; Request for Renewal of License › Section 107.5 - Inactive Status

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				  MLO may not engage in mortgage loan originating during any period when the MLO
				  is not employed by or affiliated with a mortgage broker or mortgage banker
				  registered or licensed pursuant to article 12-D of the Banking Law. During such
				  period the mortgage loan originator license shall be placed in inactive status
				  and shall remain in inactive status until the superintendent receives written
				  or electronic notice of the MLO's new employment or affiliation with an
				  originating entity.
(b) An MLO may
				  renew his or her license while in inactive status as long as the MLO pays the
				  renewal fee and complies with the education requirements of article 12-E.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 107 - Application for Initial License as a Mortgage Loan Originator; Request for Renewal of License › Section 107.6 - Instructions and assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Additional instructions and assistance relating to this Supervisory Procedure
				  may be obtained:
(1) at the department's
				  website (www.dfs.ny.gov);
(2) by
				  e-mail (MLO@dfs.ny.gov);
(3) by
				  mail addressed to: New York State Department of Financial Services, Mortgage
				  Banking Unit, One State Street, New York, NY 10004-1417; or
(4) by calling Mortgage Banking Unit at (212)
				  709-3535.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 109 - Application for Registration as a Mortgage Loan Servicer › Section 109.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Mortgage loan servicer or MLS has the
				  meaning set forth in section
				  418.3  of this
				  Title.
(b) Third party servicer has
				  the meaning set forth in section
				  418.3  of this
				  Title.
(c) National Mortgage
				  Licensing System and Registry or NMLSR means the web-based system developed and
				  from time to time modified by the Conference of State Bank Supervisors and the
				  American Association of Residential Mortgage Regulators or their designees that
				  allows mortgage loan servicers to apply for, amend, update or renew a
				  registration in New York as well as in other participating states. The system
				  also uses the trade name "NMLS".
(d) Executive officer is any officer who
				  participates or has authority to participate in major policy-making functions
				  of the institution, regardless of his or her title.
(e) Controlling member of a partnership means
				  any general partner or any limited partner with 10 percent or more equity
				  interest in the partnership.
(f)
				  Affiliate is any person that directly, or indirectly through one or more
				  intermediaries, controls, is controlled by, or is under common control with the
				  person specified.
(g) Subsidiary is
				  any company, a majority of the voting stock of which is directly or indirectly
				  owned, controlled or held with power to vote, by an applicant or any entity
				  controlled by an applicant.
(h) Net
				  worth shall have the meaning set forth in section
				  418.12(a) 
				  of this Title.
(i) Principal
				  stockholder is any person who directly or indirectly owns, controls or holds
				  with power to vote 10 percent or more of any class of outstanding capital stock
				  of a corporation or possesses the power to direct or cause the direction of the
				  management and policies of a mortgage loan servicer.
(j) Principal beneficiary is any person or
				  entity entitled to 10 percent or more of the benefit of a trust.
(k) Surety bond means the bond required by
				  section
				  418.12(b) 
				  of this Title.
(l) Fidelity and
				  E&O bond means the bond or evidence of coverage required by section
				  418.12(c) 
				  of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 109 - Application for Registration as a Mortgage Loan Servicer › Section 109.2 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
Any person or entity seeking to register as an MLS shall
					 submit an application for registration. The application shall be submitted in
					 such form and in such manner as may be prescribed by the superintendent.
					 Applicants will be required to submit certain parts of an application
					 electronically through the NMLSR. Information to be submitted by mail should be
					 sent to the department at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title. The application form prescribed by the
					 superintendent and instructions on how to use the NMLSR will be available on
					 the department's website as set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title or in links provided in the department's
					 website.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 109 - Application for Registration as a Mortgage Loan Servicer › Section 109.3 - Registration application

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Application requirements. Each applicant for registration as an MLS shall
				  submit the following documents as part of its application:
(1) A completed application form, in the form
				  prescribed by the superintendent, a copy of which is available on the
				  department's website, which application shall be attested to by the
				  applicant.
(2) Fingerprint cards
				  with fingerprint certification, which shall be submitted to the address
				  specified in section
				  109.2  of this
				  Supervisory Procedure.
(3) The
				  prescribed fees, which shall be submitted electronically together with the
				  application. A schedule of fees and a list of acceptable forms of payment shall
				  be available at the department's website as set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title. The fees shall consist of:
(i) an investigation fee in the amount, if
				  any, specified in section 18-a 
				  of the Banking Law;
(ii)
				  fingerprint processing fees collected by the State Division of Criminal Justice
				  Services and/or the NMLSR; and
(iii) a processing fee charged by the NMLSR.
If the application is denied or withdrawn, none of these
					 fees will be refunded.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 110 - Application for a Change in Control of a Mortgage Loan Servicer › Section 110.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Supervisory Procedure:
(a) Mortgage loan servicer or MLS has the
				  meaning set forth in section
				  418.3  of this
				  Title.
(b) Change in control shall
				  have the meaning set forth in section
				  418.8 
				  of this Title.
(c) National
				  Mortgage Licensing System and Registry or NMLSR means the web-based system
				  developed and from time to time modified by the Conference of State Bank
				  Supervisors and the American Association of Residential Mortgage Regulators or
				  their designees that allows mortgage loan servicers to apply for, amend, update
				  or renew a registration in New York as well as in other participating states.
				  The system also uses the trade name "NMLS".
(d) Executive officer is any officer who
				  participates or has authority to participate in major policy-making functions
				  of the entity, regardless of his or her title.
(e) Controlling member of a partnership means
				  any general partner or any limited partner with 10 percent or more equity
				  interest in the partnership.
(f)
				  Affiliate is any person that directly, or indirectly through one or more
				  intermediaries, controls, is controlled by, or is under common control with the
				  person specified.
(g) Subsidiary is
				  any company, a majority of the voting stock of which is directly or indirectly
				  owned, controlled or held with power to vote, by an applicant or any entity
				  controlled by an applicant.
(h) Net
				  worth shall have the meaning set forth in section
				  418.12(a) 
				  of this Title.
(i) Principal
				  stockholder is any person who directly or indirectly owns, controls or holds
				  with power to vote 10 percent or more of any class of outstanding capital stock
				  of a corporation or possesses the power to direct or cause the direction of the
				  management and policies of a mortgage loan servicer.
(j) Principal beneficiary means any person or
				  entity entitled to 10 percent or more of the benefit of the trust.
(k) Surety bond means the bond required by
				  section
				  418.12(b) 
				  of this Title.
(l) E&O bond
				  means the bond or bonds required by section
				  418.12(c) 
				  of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 110 - Application for a Change in Control of a Mortgage Loan Servicer › Section 110.2 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General requirements. Any person or entity seeking approval to acquire of
				  control of a mortgage loan servicer shall submit an application in such form
				  and in such manner as may be prescribed by the superintendent.
Applicants will be required to submit certain parts of an
					 application electronically through the NMLSR. Information to be submitted by
					 mail should be sent to the department at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title. The application form prescribed by the
					 superintendent and instructions on how to use the NMLSR will be available on
					 the department's website set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title or in links provided in the department's
					 website.