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Can you summarize NYCL BNK Article 12-D?
Banking > Licensed Mortgage Bankers
Short Summary
The provided legal document content covers various aspects of mortgage lending and regulation in the state of New York. It governs the business practices of mortgage lenders, including mortgage bankers and other financial service organizations, with the aim of protecting consumers and ensuring fair and efficient operations in the mortgage lending industry. The document also outlines the licensing requirements and regulations for mortgage brokers, mortgage bankers, and mortgage loan servicers in the state. It establishes requirements and regulations for junior mortgage loans, including prohibited clauses in loan contracts and disclosure requirements. The document also governs the conduct and responsibilities of licensed mortgage bankers, imposing certain duties and obligations on them. It outlines the application process for obtaining a mortgage banker’s license, including the required information and documentation. The document also provides the requirements and application process for individuals and entities seeking to become registered as mortgage brokers. It specifies the necessary information and fees for the application, as well as the authority of the superintendent to approve or deny applications. The document also addresses the change of control of a licensee or registrant’s business, requiring prior approval from the superintendent. It outlines the grounds for suspension or revocation of licenses and registrations, as well as the surrender and expiration of licenses and certificates. The document grants the superintendent the authority to investigate and examine the business operations of licensees, servicers, and registrants, and outlines the record-keeping and reporting requirements for these entities. It also establishes penalties for violations of the document’s provisions, including fines and other remedies. Overall, the document provides comprehensive regulations and requirements for mortgage lenders, brokers, and servicers in the state of New York.
Whom does it apply to?
The document applies to residential mortgage lenders of all types, including mortgage bankers and other financial service organizations. It also applies to individuals, persons, partnerships, associations, corporations, and other entities engaged in the business of making mortgage loans, soliciting, processing, placing, or negotiating mortgage loans, and servicing mortgage loans in the state. Exempt organizations, entities exempted by regulations, individuals or entities making a limited number of loans within a specified time period, real estate brokers or salesmen not accepting fees for mortgage loan services, and attorneys-at-law engaging in mortgage loan activities incidental to their legal practice are exempt from certain provisions.
What does it govern?
The document governs the business practices of mortgage lenders and their agents in the state of New York, including mortgage bankers and other financial service organizations. It also governs the licensing requirements and regulations for mortgage brokers, mortgage bankers, and mortgage loan servicers in the state. Additionally, it governs the regulations and requirements for junior mortgage loans and outlines the conduct and responsibilities of licensed mortgage bankers. It also pertains to the application process for obtaining a mortgage banker's license and outlines the requirements for individuals and entities seeking to become registered as mortgage brokers.
What are exemptions?
Exempt organizations, entities exempted by regulations, individuals or entities making a limited number of loans within a specified time period, real estate brokers or salesmen not accepting fees for mortgage loan services, and attorneys-at-law engaging in mortgage loan activities incidental to their legal practice are exempt from certain provisions.
What are the Penalties?
The document does not specify penalties for non-compliance or violation.
Jurisdiction
New York