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

Universal Citation: 3 NY Comp Codes Rules and Regs § 410.3

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

(ii) If relevant educational background, the specific courses taken and dates of completion.

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