N.Y. Comp. Codes R. & Regs. tit. 3 § 110.1

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

Section 110.1 - Definitions

For purposes of this Supervisory Procedure:

(a) Mortgage loan servicer or MLS has the meaning set forth in section 418.3 of this Title.

(b) Change in control shall have the meaning set forth in section 418.8 of this Title.

(c) National Mortgage Licensing System and Registry or NMLSR means the web-based system developed and from time to time modified by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators or their designees that allows mortgage loan servicers to apply for, amend, update or renew a registration in New York as well as in other participating states. The system also uses the trade name "NMLS".

(d) Executive officer is any officer who participates or has authority to participate in major policy-making functions of the entity, regardless of his or her title.

(e) Controlling member of a partnership means any general partner or any limited partner with 10 percent or more equity interest in the partnership.

(f) Affiliate is any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the person specified.

(g) Subsidiary is any company, a majority of the voting stock of which is directly or indirectly owned, controlled or held with power to vote, by an applicant or any entity controlled by an applicant.

(h) Net worth shall have the meaning set forth in section 418.12(a) of this Title.

(i) Principal stockholder is any person who directly or indirectly owns, controls or holds with power to vote 10 percent or more of any class of outstanding capital stock of a corporation or possesses the power to direct or cause the direction of the management and policies of a mortgage loan servicer.

(j) Principal beneficiary means any person or entity entitled to 10 percent or more of the benefit of the trust.

(k) Surety bond means the bond required by section 418.12(b) of this Title.

(l) E&O bond means the bond or bonds required by section 418.12(c) of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 110.1