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Can you summarize 3 NYCRR Supervisory Policies and Procedures, Mortgage Banks?
Supervisory Policies and Procedures > Mortgage Banks
Short Summary
The provided legal document content includes various documents related to the application processes and requirements for individuals or entities in the mortgage industry in the state of New York. These documents cover the application process for a change of control of a Mortgage Loan Servicer (MLS), the application process for registration as a Mortgage Loan Servicer (MLS), the application process for an initial license as a Mortgage Loan Originator (MLO), the requirements for obtaining approval to make FHA insured mortgage loans, the application process for mortgage brokers to apply for inactive status, the application process for a change in control of a Mortgage Broker, the requirements for individuals or entities seeking registration as a mortgage broker, the application process for a change in control of a mortgage banker, and the requirements for individuals or entities seeking registration as a mortgage banker. These documents provide detailed information on the required forms, documents, fees, and processes involved in each application or change of control. They also mention the possibility of additional information requests, in-person conferences, and notification requirements for address changes. However, no specific penalties for non-compliance or violation of the provisions are mentioned in these documents. Exemptions are provided in section 418.14(a) of the Title.
Whom does it apply to?
Individuals or entities applying for a change of control of a Mortgage Loan Servicer (MLS), individuals or entities applying for registration as a Mortgage Loan Servicer (MLS), individuals applying for an initial license as a Mortgage Loan Originator (MLO), individuals or entities seeking approval to make FHA insured mortgage loans, mortgage brokers applying for inactive status, individuals or entities seeking control of a mortgage broker, individuals or entities seeking registration as a mortgage broker, individuals or entities seeking a change in control of a mortgage banker, individuals or entities seeking registration as a mortgage banker
What does it govern?
Application process for a change of control of a Mortgage Loan Servicer (MLS), application process for registration as a Mortgage Loan Servicer (MLS), application process for an initial license as a Mortgage Loan Originator (MLO), requirements for obtaining approval to make FHA insured mortgage loans, application process for mortgage brokers to apply for inactive status, application process for a change in control of a Mortgage Broker, requirements for individuals or entities seeking registration as a mortgage broker, application process for a change in control of a mortgage banker, requirements for individuals or entities seeking registration as a mortgage banker
What are exemptions?
Exemptions are provided in section 418.14(a) of this Title
What are the Penalties?
The document does not specify any penalties for non-compliance or violation of its provisions
Jurisdiction
New York