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 413.7 - Duties of a sponsor
Current through Register Vol. 46, No. 12, March 20, 2024
A licensed mortgage banker or exempt organization acting as a sponsor for an approved FHA mortgage loan correspondent shall:
(a) upon completion of its underwriting process, issue a written approval or denial of the mortgage loan to the FHA mortgage loan correspondent;
(b) whenever it approves an interest rate lock-in and/or commitment of a mortgage loan, issue a written confirmation to the FHA mortgage loan correspondent; and
(c) within 48 hours after termination, notify the superintendent in writing when an agreement to act as the sponsor for an FHA mortgage loan correspondent has been terminated. Such written notice shall include: