3 CRR-NY 413.6NY-CRR
3 CRR-NY 413.6
3 CRR-NY 413.6
413.6 Duties of a mortgage broker approved to act as an FHA mortgage loan correspondent.
A registered mortgage broker which has been approved by the superintendent to act as an FHA mortgage loan correspondent shall:
(a) within 48 hours after entering into a loan correspondent agreement with any sponsor, notify the superintendent in writing of its entering into any such agreement;
(b) within 48 hours after termination, notify the superintendent in writing of the termination of any loan correspondent agreement whether such agreement is terminated by the broker or by the sponsor;
(c) within 48 hours after suspension, withdrawal or surrender, notify the superintendent in writing if its HUD approval to act as an FHA mortgage loan correspondent has been suspended, withdrawn or surrendered;
(d) simultaneously with the issuance by the loan correspondent of an interest rate lock-in agreement or commitment to fund, whichever occurs first, notify consumers in writing of the name and address of the sponsor;
(e) within 72 hours after learning of any change in the sponsor, notify consumers in writing of such change;
(f) submit a report semi-annually to the superintendent. This report shall set forth the required information by sponsor for each calendar month of the period covered. The required information shall consist of the number and dollar amount of FHA loans made and the average rate and points charged; and
(g) within 90 days of its fiscal year end, submit to the superintendent a copy of its annual certified audit report required by HUD.
3 CRR-NY 413.6
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.