Persons who acquire mortgage loans from lenders for investment but who do not make mortgage loans shall not be subject to the registration or licensing requirement of article 12-D of the Banking Law or the rules and regulations promulgated thereunder.

Licensed real estate brokers who or which do not accept a separate fee (in addition to any earned real estate brokerage fee), directly or indirectly, for services performed in connection with the brokering of a mortgage loan shall not be required to be registered as a mortgage broker.

Section 590 of the Banking Law provides that a license to engage in the business of making mortgage loans shall be deemed to include the authority to engage in the business of soliciting, processing, placing and negotiating mortgage loans. No additional registration with the department shall be required to engage in the mortgage brokerage business, nor shall additional registration fees be required of any mortgage banker.

Entities offering only mortgage loan products that are exempt products pursuant to section 39.5 of this Part are exempt from the registration and licensing requirements of article 12-D of the Banking Law and Part 410 of this Title.

Not-for-profit organizations may be eligible for exemption from the registration and licensing requirements of article 12-D of the Banking Law. Such organizations which seek exemption may submit a letter application to the Mortgage Banking Division, together with such information as may be prescribed by the superintendent.