Our NY Balloon Payment Disclosure (Cx4168) is provided for certain loans with balloon payments in New York. 3 NYCCR § 80.4 requires a balloon disclosure to be given in junior lien situations where the loan amount is not more than $250,000. 3 NYCCR § 82.6 requires the disclosure to be given for a loan with a balloon payment on a first lien with a loan amount that is not greater than $250,000. Based on 3 NYCCR § 80.4, the second lien global print conditions for NY Balloon Payment Disclosure (Cx4168) have been modified to only print the document if “Loan Amount Greater Than 250K” (FI 74204) is set to “No”.
These changes will be in effect on March 29, 2023. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.