3 CRR-NY 413.5NY-CRR
3 CRR-NY 413.5
3 CRR-NY 413.5
413.5 Approval or denial of applications to make FHA insured mortgage loans.
(a) Upon approval of an application to make FHA insured mortgage loans, the superintendent shall issue a certificate stating that the mortgage broker may act as an FHA mortgage loan correspondent and may make FHA insured mortgage loans in this State.
(b) Upon denial of an application to make FHA insured mortgage loans, the superintendent shall so inform the applicant in writing. The superintendent may deny the application for any of the following reasons:
(1) the applicant fails to meet the minimum standards set forth in section 413.3 of this Part;
(2) the applicant fails to submit a complete application or any additional documentation reasonably requested by the superintendent;
(3) the applicant has a supervisory and/or consumer complaint record which warrants the belief that the public interest would not be served by approving such application; and
(4) the superintendent does not approve of at least one of the sponsors which has entered into a written agreement with the applicant to fund its FHA insured mortgage loans in which case the applicant shall have thirty days in which to submit a new sponsor to the superintendent for approval.
3 CRR-NY 413.5
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.