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Amendments To Supervisory Procedure MB 106

December 23, 2009

APPLICATION TO ACT AS AN FHA MORTGAGE LOAN CORRESPONDENT

(Statutory authority: Banking Law Article 12-D § 590[5-a])

§ 106.3  is amended to read as follows:

§ 106.3 Information and documents required to be submitted.        

  1. a surety bond in the principal sum of $25,000, in addition to any  bond required under Section 410.9 or otherwise by law or regulation, or a deposit agreement coupled with a pledged deposit of securities, funds or other assets in the amount of $25,000 valued at the lower of principal amount or market, pursuant to Part 413 of this Title.  Such bond or deposit agreement must be approved by the superintendent.  Model forms may be obtained from the Mortgage Banking Division; and

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