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 110.4 - Information and documents required to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
A person seeking to acquire control of a mortgage loan
					 servicer shall submit information and documents as set forth below:
(a) Name and address of mortgage loan
				  servicer and applicant. Set forth the name, address, principal place of
				  business, telephone and fax numbers of the applicant and of the mortgage loan
				  servicer 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 loan servicer must have a person with the qualifying
				  experience, as described in Part 418 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 operations of the mortgage loan servicer. State
				  the name of the person who, subsequent to the proposed change of control, will
				  have such experience.
(c)
				  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.
(d) 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 department should be addressed and the person(s)
				  responsible for regulatory and financial matters.
(e) 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 professional licenses held by any of the foregoing.
(f) 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
				  trustee and principal beneficiary of a trust applicant shall submit information
				  with respect to any refusal, revocation or suspension of license(s),
				  registration(s) or authorization(s) to do business in this or any other state
				  and/or any prior bankruptcy adjudications or criminal convictions in this or
				  any other state.
(g) 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 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.
(h) Financial
				  information; financial responsibility requirements. The applicant shall file:
(1) unless exempted as provided in section
				  418.13(a) 
				  of this Title, an audited consolidated annual financial statement of the
				  applicant prepared by an independent certified public accountant as of the
				  close of its most recent fiscal year end with an opinion prepared by an
				  independent certified public accountant showing net worth at the close of its
				  most recent fiscal year of at least $250,000 plus:
(i) 1/4 of one percent of the outstanding
				  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;