A federal credit union makes mortgage loans on New York property in 2026. Does the credit union need an Article 12-D mortgage banker license?
Correct Answer
B) An exempt organization, so no Article 12-D license is needed
Exempt organization means any insurance company, banking organization, national bank, federal savings bank, federal savings and loan association, federal credit union, or any bank, trust company, savings bank, savings and loan association or credit union organized under the laws of any other state, among others. Other choices: the exemption is by institution type; servicer registration is a separate question; and out-of-state and federal charters are both named. Source: N.Y. Banking Law § 590(1)(e)
Why This Is the Correct Answer
Exempt organization means any insurance company, banking organization, national bank, federal savings bank, federal savings and loan association, federal credit union, or any bank, trust company, savings bank, savings and loan association or credit union organized under the laws of any other state, among others. Other choices: the exemption is by institution type; servicer registration is a separate question; and out-of-state and federal charters are both named. Source: N.Y. Banking Law § 590(1)(e)
More UST Questions
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