New York Lien Law § 22 requires that a building loan contract, in writing and duly acknowledged with a statement under oath, must show the consideration paid, all other expenses to be incurred in connection therewith, and the net sum available to the borrower. We are reformatting our NY Section 22 Affidavit (Cx14622) to better comply with NY Lien Law § 22. The major change is a restructuring of the fees to list applicable fees from the Closing Disclosure, including any post-consummation fees. In addition, we are adding a new field, Field 117228 “Construction Funds,” to serve as the “net sum available to borrower.” This field may be imported or mapped as needed. Cx14622 prints in NY Closing packages for transactions that involve construction on the property (i.e., FNMA Homestyle, Construction Only, Construction to Perm, 203k, rehabilitation/renovation).
These changes will be in effect on December 12, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.