New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 39 - Exempt Organizations; Subsidiaries Of Exempt Organizations; Exempt Mortgage Products
Section 39.4 - Organizations exempt from licensing or registration; conditions precedent to exemptions from registration or licensing requirements of article 12-d
Current through Register Vol. 46, No. 12, March 20, 2024
In addition to the entities defined as exempt organizations in section 39.2 of this Part, the following are exempt from licensing or registration as a mortgage banker or mortgage broker under article 12-D of the Banking Law or the rules and regulations promulgated thereunder:
(a) Loan investors. Persons who acquire mortgage loans from lenders for investment but who do not make mortgage loans.
(b) Licensed real estate brokers. Licensed real estate brokers who or which do not accept a separate fee (in addition to any earned real estate brokerage fee), directly or indirectly, for services performed in connection with the brokering of a mortgage loan.
(c) Mortgage bankers engaged in mortgage brokerage activities. Section 590 of the Banking Law provides that a license to engage in the business of making mortgage loans shall be deemed to include the authority to engage in the business of soliciting, processing, placing and negotiating mortgage loans. No additional registration with the department shall be required to engage in the mortgage brokerage business, nor shall additional registration fees be required of any mortgage banker.
(d) Entities offering mortgage loan products exempt under section 39.5 of this Part. Entities offering only mortgage loan products that are exempt products pursuant to section 39.5 of this Part.
(e) Not-for-profit organizations. Not-for-profit organizations may be eligible for exemption. Such organizations which seek exemption may submit a letter application to the Mortgage Banking Unit of the department at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title, together with such information as may be prescribed by the superintendent.
