Adopted Regulations

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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.