3 CRR-NY 413.7NY-CRR
3 CRR-NY 413.7
3 CRR-NY 413.7
413.7 Duties of a sponsor.
A licensed mortgage banker or exempt organization acting as a sponsor for an approved FHA mortgage loan correspondent shall:
(a) upon completion of its underwriting process, issue a written approval or denial of the mortgage loan to the FHA mortgage loan correspondent;
(b) whenever it approves an interest rate lock-in and/or commitment of a mortgage loan, issue a written confirmation to the FHA mortgage loan correspondent; and
(c) within 48 hours after termination, notify the superintendent in writing when an agreement to act as the sponsor for an FHA mortgage loan correspondent has been terminated. Such written notice shall include:
(1) specific reason(s) for the termination of its agreement to fund all FHA insured mortgages for the mortgage loan correspondent;
(2) a list of the outstanding loan commitments and interest rate lock-in agreements which the sponsor has approved on behalf of the FHA mortgage loan correspondent; and
(3) a list of any such interest rate lock-in agreements and loan commitments which the sponsor does not intend to honor and the reason(s) for this decision.
3 CRR-NY 413.7
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.