New York Issues Renewal of Exempt Loan Servicer Registration Requirements

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The New York Department of Financial Services (DFS) has announced new procedures that require exempt mortgage loan servicers to renew their registration each year. All renewals for exempt mortgage servicers must be submitted through the NMLS between November 1 and December 31. The NMLS will collect a $100 processing fee for each registration renewal.

According to DFS’s press release, "On January 1, 2015, entities that failed to submit a renewal request through the NMLS will have their registration status changed to 'Failed to Renew.'" An entity will remain in "Failed to Renew" status until a reinstatement request is submitted through the NMLS by no later than February 28, 2015. Any registration renewal processed after such date will incur an additional $100 fee.

In addition to processing a renewal request through the NMLS, an exempt mortgage loan servicer must submit two forms directly to DFS by January 15, 2015. The required forms are the Exempt Mortgage Loan Servicer Renewal Affirmation form, which is available here, and the Net Worth Requirement worksheet, which can be accessed here. Note that the Net Worth Requirement worksheet must be based on servicing activity as of December 31, 2014. Further, the worksheet must be signed by the qualifying individual and notarized.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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