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 109.4 - Information and documents required to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
Each applicant for registration as a mortgage loan servicer
					 shall submit information and documents as set forth below:
(a) Name and address of applicant. Set forth
				  the name, address, principal place of business and 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 not 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 businesses: banking, insurance, sales finance, small loan,
				  mortgage lending, mortgage loan servicing, 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 executive 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
				  engaged in 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) Financial information;
				  financial responsibility requirements.
(1)
				  Unless exempted as provided in section
				  418.14(a) 
				  of this Title, the applicant, at the time of application, shall submit audited
				  annual financial statements showing a net worth as of the close of its most
				  recent fiscal year of at least $250,000 plus:
(i) 1/4 of one percent of the outstanding
				  principal balance of loans to be serviced; or
(ii) if such applicant will be solely a
				  third-party servicer, 1/4 of one percent of the outstanding principal amount of
				  New York mortgage loans for which it will be a third-party servicer;
				  or
(iii) if such applicant will be
				  a third-party servicer with respect to certain mortgage loans and will own
				  other mortgage loans or the servicing rights thereto, 1/4 of one percent of the
				  outstanding principal balance of the non-third-party servicer loans and 1/4 of
				  one percent of the outstanding principal amount of the New York mortgage loans
				  for which it is a third-party servicer. In addition, the applicant shall submit
				  the most recent quarterly financial statements subsequent to such annual
				  statements. If the applicant is a corporation, partnership or trust, financial
				  statements, audited if available, shall be submitted for the previous two years
				  if the applicant was in existence for that period. If applicable, submit the
				  most recent consolidated audited annual financial statements of the applicant's
				  ultimate parent corporation.