Article 12-D of the Banking Law requires certain persons (certain terms in this Part are defined in section 418.3 of this Part) engaged in the business of servicing mortgage loans to register with the superintendent. Sections 418.2 to 418.11 of this Part implement such registration requirements. Article 12-D of the Banking Law also provides exemptions from such registration requirements for certain exempted persons, provided that such persons notify the superintendent that they are servicing mortgage loans in this State and comply with any regulations applicable to persons so engaged. Sections 418.12 to 418.13 of this Part set forth financial responsibility requirements that are applicable to applicants for mortgage loan servicer registration as well as to both registered and exempt persons engaged in servicing mortgage loans in this State.