New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.3 - Mortgage broker registration; minimum standards

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Purpose. Section 592-a  of the Banking Law provides that the
				  superintendent may register applicants as mortgage brokers if he shall find
				  that the financial responsibility, experience, character and general fitness of
				  the applicant are such as to command the confidence of the community and to
				  warrant belief that the business shall be operated honestly and fairly. This
				  section sets forth certain minimum standards to be met by applicants for
				  registration as mortgage brokers. Nothing contained herein shall limit the
				  superintendent's authority to consider all relevant factors in determining
				  whether or not to approve the application or to require information in addition
				  to that required by the application form provided to the applicant by the
				  department.
(b) Experience and
				  educational background.
(1) Licensed real
				  estate brokers, as defined in section 440  of the Real Property Law, who are in
				  good standing with the Secretary of State, and attorneys-at-law shall not be
				  required to demonstrate their experience to engage in the mortgage brokerage
				  business.
(2) Licensed real estate
				  salesmen, as defined in section 440  of the Real Property Law, must
				  demonstrate two years active participation in the residential mortgage
				  brokerage business, the nature and length of which experience shall be
				  established by affidavit duly sworn to under penalty of perjury by the
				  applicant.
(3) Applicants with a
				  minimum of two years of credit analysis or underwriting experience with an
				  exempt organization, mortgage banker, mortgage broker or licensed lender shall
				  attach to their application a statement, verified under penalty of perjury,
				  indicating:
(i) the specific duties and
				  responsibilities of their employment;
(ii) the term of their employment;
				  and
(iii) the name, address and
				  telephone number of a business reference or a current or former
				  supervisor.
(4)
				  Applicants who have relevant business experience or have a relevant educational
				  background must demonstrate that their experience or education qualifies them
				  to be a registered mortgage broker. Such applicants shall attach to their
				  application a statement, verified under penalty of perjury, indicating:
(i) If relevant business experience:
(a) the specific duties and responsibilities
				  of their employment;
(b) the term
				  of their employment; and
(c) the
				  name, address and telephone number of a business reference or a current or
				  former supervisor.
(ii)
				  If relevant educational background, the specific courses taken and dates of
				  completion.