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 102.4 - Information and documents required to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
Each applicant for a mortgage broker registration must
					 submit information and documents as set forth below:
(a) Name and address of applicant. Set forth
				  the name, address, principal place of business, telephone and fax numbers of
				  the applicant. If applicable, also state any trade or fictitious names which
				  have been or will be used by the applicant.
(b) Organizational structure and ownership of
				  applicant. State whether the applicant is an individual, corporation,
				  partnership or trust. If an individual, set forth the name, residence address
				  and telephone and fax numbers of the individual applicant. If a corporation,
				  set forth the name, residence address, telephone and fax numbers and percent of
				  each class of outstanding capital stock owned by each executive officer,
				  director and principal stockholder. If a partnership, set forth the name,
				  residence address, telephone and fax numbers and percentage ownership of each
				  controlling member of the partnership. If a trust, set forth the name,
				  residence address and telephone and fax numbers of each trustee and principal
				  beneficiary of the trust. If a corporation, list the number and percentage of
				  stock owned by each stockholder owning less than 10 percent of any class of the
				  outstanding capital stock. If a partnership, state where the articles of
				  partnership were filed and the date of filing. If a corporation, indicate the
				  state of incorporation and the date of filing. List the complete name and
				  address of any branch, subsidiary, or other affiliate of the applicant
				  operating in this State.
(c) Name
				  and address of principal contact person. Set forth the name, complete address
				  and telephone and fax numbers of the person(s) having general responsibility
				  for the applicant to whom all communications from the Banking Department should
				  be addressed and the person(s) responsible for regulatory and financial
				  matters.
(d) Licenses received.
				  List all states in which the applicant, under this or any other name, or any
				  subsidiary or other affiliate of the applicant, is licensed to engage in any of
				  the following: banking, insurance, sales finance, small loan, mortgage lending,
				  insurance premium financing, real estate or securities, together with the name
				  of the operating company and the name and address of the agency responsible for
				  supervising the person or entity. Also, list any other professional licenses
				  held by any of the foregoing.
(e)
				  Prior applications. The applicant, under this or any other name, any subsidiary
				  or other affiliate of the applicant, and, as applicable, any officer, director
				  and principal stockholder of a corporate applicant, any controlling member of a
				  partnership applicant and any trustee and principal beneficiary of a trust
				  applicant shall submit information with respect to any refusal, revocation or
				  suspension of license(s) in this or any other state and/or any prior bankruptcy
				  adjudications or criminal convictions in this or any other state.
(f) Unsafe or unsound banking practices. The
				  applicant, under this or any other name, any subsidiary or other affiliate of
				  the applicant, and, as applicable, any officer, director and principal
				  stockholder of a corporate applicant, any controlling member of a partnership
				  applicant and any trustee and principal beneficiary of a trust applicant shall
				  submit information with respect to any finding of having conducted unsafe or
				  unsound practices while employed as an officer, director, or trustee of a
				  banking organization or having been removed as an officer, director, or trustee
				  of a banking organization by any bank regulatory agency.
(g) Personal and financial information. As
				  applicable, each individual applicant, each director, the three most senior
				  executive officers and, if different, any officer(s) in charge of the New York
				  operations of the registered mortgage broker and principal stockholder of a
				  corporate applicant, each controlling member of a partnership applicant, or
				  trustee and principal beneficiary of a trust applicant shall file a credit
				  report and a personal history questionnaire which may be obtained from the
				  Banking Department. Each principal stockholder shall complete a personal
				  financial questionnaire. All of the above shall file an authority to release
				  information form.
(h) Personnel.
				  List all of applicant's W-2 employees (name and social security number),
				  excluding clerical staff unless involved in the actual mortgage brokerage
				  business, with their titles and a statement of occupational activities. List
				  all persons (name and social security number) for whom an undertaking of
				  accountability will be filed.
(i)
				  Minimum experience qualifications. Set forth the name of the person who meets
				  the minimum experience qualifications as described in Part 410 of this Title.
				  That person shall be either an owner, general partner, trustee or executive
				  officer of the applicant, as applicable, and shall be actively engaged in the
				  daily operations of the mortgage broker. Indicate the category that best
				  describes the type of experience:
(1) real
				  estate broker;
(2) credit
				  experience;
(3) relevant business
				  experience;
(4) attorney.