Sec. 39.5. Exempt products

The following loan products are exempt from all of the requirement of article 12-D of the Banking Law and Part 38 of this Title for the licensing or registration of mortgage bankers and mortgage brokers:

(a) purchase money mortgages extended by a seller to buyers thereof, where the seller is an individual, estate or trust that sells not more than three properties in any 12-month period, provided that the seller has not constructed or acted as a contractor for the construction of a residence being sold;

(b) construction loan mortgages;

(c) relocation mortgage loans. A mortgage loan made by an applicant's employer if the purpose of the loan is to assist the employee to relocate;

(d) any product offered as a mortgage loan by an instrumentality created by the United States or any state; and

(e) such other loan products as may be specifically exempted upon application to the superintendent.