N.Y. Comp. Codes R. & Regs. tit. 3 § 418.7

Current through Register Vol. 46, No. 43, October 23, 2024

Section 418.7 - Approval or denial of application

(a)Approval of application. If the Superintendent shall find that the financial responsibility, experience, character, and general fitness of the applicant, and of the members thereof if the applicant is a co-partnership or association, and of the officers and directors thereof if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly, fairly, and efficiently within the purpose of Article 12-D of the Banking Law, the Superintendent shall thereupon in accordance with paragraph (c) below approve the application, register the applicant as a Mortgage Loan Servicer on a list maintained for that purpose at the Department and shall issue a certificate to the registrant attesting to such registration.

(b)Grounds for refusal. The Superintendent may refuse to register the applicant as a Mortgage Loan Servicer upon any ground on which the Superintendent could refuse to license the applicant as a mortgage banker under section 592 of the Banking Law or register the applicant as a mortgage broker under section 592-a of the Banking Law.

(c)Notice of approval. Upon registering any applicant as an MLS, the Superintendent shall transmit notice of approval of the application, including the certificate described in (a) above, in such form as the Superintendent deems appropriate, to the MLS.

(d)List of registrants. The Superintendent shall maintain upon the Department's website a list of registered Mortgage Loan Servicers. The list shall indicate the following:

1. Name of each MLS; and

2. The location of the principal office of such MLS.

(e)Registration certificate; Change of location. Each registration certificate issued under this regulation shall state the address or addresses at which the business is to be conducted, including any branches thereof, and shall state the full name of the registrant. The registrant shall notify the Superintendent in writing at least 30 days prior to changing the location of the principal office at which the business of the registrant is to be conducted.

(f)Registration not transferrable. A registration issued pursuant to this Part is not transferable or assignable.

(g)Notification of denial. If the Superintendent shall not make the finding required for registration as an MLS under this section, the Superintendent shall notify, in writing, the applicant that the application was denied and that the applicant shall not engage in the business of servicing Mortgage Loans in this state.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 418.7

Adopted New York State Register July 17, 2019/Volume XLI, Issue 29, eff. 7/17/2019