Amendments To Part 413 of the Superintendent's Regulations
December 23, 2009
PROCEDURES AND REQUIREMENTS FOR MORTGAGE BROKERS TO ACT AS FHA MORTGAGE LOAN CORRESPONDENTS
(Statutory authority: Banking Law Section 590[5-a])
§ 413.3 is amended to read as follows:
§ 413.3 Minimum standards required for approval.
(a)(5) file with the superintendent, in addition to any bond required under Section 410.14 or otherwise by law or regulation, a corporate surety bond in the principal amount of $25,000, which shall be issued by a bonding company or insurance company authorized to do business in this State and which shall comply with the requirements set forth in subdivision (b) of this section. In lieu of a corporate surety bond, the applicant may elect to deposit $25,000 in assets pursuant to subdivision (c) of this section.