3 CRR-NY 420.5NY-CRR
3 CRR-NY 420.5
3 CRR-NY 420.5
420.5 Originating entities permitted to engage or contract with certain mortgage loan originators on an interim basis.
(a) Notwithstanding section 420.4(a) of this Part, with respect to an individual who was engaged in mortgage loan origination activities as of July 11, 2009 and whose application pursuant to the prior version of article 12-E had not been approved, denied or withdrawn by the superintendent prior to such date, an originating entity may permit such individual to engage in mortgage loan originating until the earlier of:
(1) July 31, 2010; or
(2) the date the originating entity receives notice that the superintendent had denied such individual’s license application or the license application under this Part has been withdrawn.
(b) Notwithstanding section 420.4(a) of this Part, with respect to an individual who was engaged primarily in originating residential mortgage loans secured by manufactured homes as of July 11, 2009 and who has filed an application as required above, an originating entity originating residential mortgage loans secured by manufactured homes may permit such individual to engage in such mortgage loan originating activities until the earlier of:
(1) July 31, 2010; or
(2) the date the originating entity receives notice that the superintendent had denied such individual’s license application or the license application under this Part has been withdrawn.
(c) Notwithstanding section 420.4(a) of this Part, with respect to an individual authorized to act as an MLO before July 11, 2009, an originating entity may permit such individual to engage in mortgage loan originating until the earlier of:
(1) January 1, 2011; or
(2) the date the originating entity receives notice that the superintendent had denied such individual’s license application or the license application under this Part has been withdrawn.
3 CRR-NY 420.5
Current through March 31, 2022
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