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 413.8 - Suspension or termination of approval to act as an fha mortgage loan correspondent
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The superintendent may suspend for 60 days the approval of a registered mortgage broker to act as an FHA mortgage loan correspondent if at any time he or she shall disapprove the sole sponsor or if the sole sponsor shall terminate its agreement with the FHA mortgage loan correspondent during which time the loan correspondent shall submit a new sponsor to the superintendent for approval.
(b) The superintendent may terminate the approval of a registered mortgage broker to act as an FHA mortgage loan correspondent if at any time:
(c) Within 72 hours after receipt of written notice from the superintendent of the termination of approval to act as an FHA mortgage loan correspondent, the mortgage broker shall return the certificate of registration indicating its authority to act as an FHA mortgage loan correspondent. Upon return of the certificate, the superintendent shall issue a standard mortgage broker certificate of registration.
