New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents
Section 413.2 - Definitions

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 413.2

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

For purposes of this Part:

(a) The term mortgage banker shall mean a mortgage banker as defined in section 590(1)(f) of the Banking Law.

(b) The term mortgage broker shall mean a mortgage broker as defined in section 590(1)(g) of the Banking Law.

(c) The term exempt organization shall mean an exempt organization as defined in section 39.2 of this Title.

(d) The term FHA mortgage loan correspondent shall mean a mortgagee approved by the Secretary of Housing and Urban Development which either:

(1) has as its principal activity the origination of mortgages for sale or transfer to a sponsor or sponsors; or

(2) satisfies the definition of a supervised mortgagee contained in the regulations promulgated by the Secretary of the Department of Housing and Urban Development.

(e) The term sponsor shall mean a mortgagee which holds a valid approval agreement, is approved to participate in the FHA direct endorsement program, and satisfies the sponsor net worth requirements contained in the regulations promulgated by the Secretary of the Department of Housing and Urban Development.

(f) The term HUD shall mean the Department of Housing and Urban Development.

(g) The term FHA shall mean Federal Housing Administration.

(h) The term FHA insured mortgage loan shall mean a loan made through an approved lender and insured by the Federal Housing Administration.

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