N.Y. Comp. Codes R. & Regs. tit. 3 § 418.11

Current through Register Vol. 46, No. 45, November 2, 2024

Section 418.11 - Business background and character and fitness requirements for Mortgage Loan Servicer registration

(a)Business background. Applicants for registration to engage in the business of Servicing Mortgage Loans shall demonstrate to the Superintendent's satisfaction that they have five years verifiable experience in the business of servicing mortgage loans or similar servicing experience or that they have engaged or shall engage in their employ one or more Persons having such experience. At the Superintendent's sole discretion, other relevant educational or business experience may be substituted for some of the servicing experience described in this subdivision.

(b)General benefit. Applicants shall demonstrate to the Superintendent their character and fitness to engage in the business of Servicing Mortgage Loans in a manner which is honest, fair, efficient, and free from deceptive and anticompetitive practices.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 418.11

Adopted New York State Register July 17, 2019/Volume XLI, Issue 29, eff. 7/17/2019