3 CRR-NY 413.2NY-CRR
3 CRR-NY 413.2
3 CRR-NY 413.2
413.2 Definitions.
For purposes of this Part:
(a) The term mortgage banker shall mean a mortgage banker as defined in section 590(1)(f) of the Banking Law.
(b) The term mortgage broker shall mean a mortgage broker as defined in section 590(1)(g) of the Banking Law.
(c) The term exempt organization shall mean an exempt organization as defined in section 39.2 of this Title.
(d) The term FHA mortgage loan correspondent shall mean a mortgagee approved by the Secretary of Housing and Urban Development which either:
(1) has as its principal activity the origination of mortgages for sale or transfer to a sponsor or sponsors; or
(2) satisfies the definition of a supervised mortgagee contained in the regulations promulgated by the Secretary of the Department of Housing and Urban Development.
(e) The term sponsor shall mean a mortgagee which holds a valid approval agreement, is approved to participate in the FHA direct endorsement program, and satisfies the sponsor net worth requirements contained in the regulations promulgated by the Secretary of the Department of Housing and Urban Development.
(f) The term HUD shall mean the Department of Housing and Urban Development.
(g) The term FHA shall mean Federal Housing Administration.
(h) The term FHA insured mortgage loan shall mean a loan made through an approved lender and insured by the Federal Housing Administration.
3 CRR-NY 413.2
Current through March 31, 2022
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.