N.Y. Comp. Codes R. & Regs. tit. 3, § 420.18 – Duties of originating entity.

(a) Each originating entity shall:
1. (1) by the end of each calendar quarter submit to the superintendent in written or electronic form a report containing the following:
  1. (i) the names and addresses of each MLO newly employed by, or affiliated as an independent contractor with, such originating entity during such quarter and the effective date of such employment or affiliation; and
  2. (ii) each dismissal for cause of an MLO employed by, or affiliated as an independent contractor of, such originating entity during such quarter, which is due to or based upon an alleged violation of the Banking Law, this Part or any other violation of any applicable Federal or State law, rule or regulation and the effective date of such dismissal;
2. (2) determine that each individual who becomes employed by, or affiliated as an independent contractor of, such originating entity as an MLO has the character, fitness and education qualifications to warrant the belief that he or she will engage in mortgage loan originating honestly, fairly and efficiently. Each originating entity shall also obtain and maintain in its files such information about each such employee or affiliate upon which such determination was based;
3. (3) obtain documentation of the satisfactory completion of education courses, pursuant to sections 599-f and 599-j of the Banking Law, for each MLO employed by or affiliated with such originating entity, which documentation shall be:
  1. (i) in a form acceptable to the superintendent;
  2. (ii) retained by the originating entity for six years from the date of receipt of such documentation; and
  3. (iii) provided to the department or the NMLS when directed by the superintendent;
  4. (iv) ensure that any MLO employed by, or who is an independent contractor of, the originating entity has been duly licensed by the superintendent to engage in mortgage loan originating activities and that such license has not been terminated or suspended or revoked; and
  5. (v) assign MLOs to locations licensed or registered by the superintendent, display the license for each MLO working at such location, and ensure that the unique identifier of each MLO performing mortgage loan origination services with respect to a mortgage application is recorded on such application.
(b) if an originating entity retains the original proof or record of completion of education courses by an MLO, the originating entity shall provide the original to the MLO, upon request, when the MLO terminates or has terminated his or her employment or affiliation with the originating entity.