N.Y. Comp. Codes R. & Regs. tit. 3, Sup. Proc. MB § 107.5 – Inactive status. | Midpage
§ Sup. Proc. MB 107.5
N.Y. Comp. Codes R. & Regs. tit. 3, Sup. Proc. MB § 107.5
Inactive status.
Banking
(a) An MLO may not engage in mortgage loan originating during any period when the MLO is not employed by or affiliated with a mortgage broker or mortgage banker registered or licensed pursuant to article 12-D of the Banking Law. During such period the mortgage loan originator license shall be placed in inactive status and shall remain in inactive status until the superintendent receives written or electronic notice of the MLO's new employment or affiliation with an originating entity.
(b) An MLO may renew his or her license while in inactive status as long as the MLO pays the renewal fee and complies with the education requirements of article 12-E.