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 39.5 - Exempt products

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 39.5

Current through Register Vol. 46, No. 12, March 20, 2024

The following loan products are exempt products:

(a) purchase money mortgages extended by a seller to buyers thereof, where the seller is an individual, estate or trust that sells not more than three properties in any 12-month period, provided that the seller has not constructed or acted as a contractor for the construction of a residence being sold;

(b) construction loan mortgages;

(c) relocation mortgage loans. A mortgage loan made by an applicant's employer if the purpose of the loan is to assist the employee to relocate;

(d) any product offered as a mortgage loan by an instrumentality created by the United States or any state; and

(e) such other loan products as may be specifically exempted upon application to the superintendent.

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