Document Updates: “Non-Permanent Resident Alien” Selection on 1003 Uniform Residential Loan Application 1/2021 (Cx20667 and Cx20668)
Aug 15, 2024
In accordance with NYCRR & Regs. tit. 3, § 80.10(b), the following disclosure should be provided for revolving credit line secured by a junior mortgage :
“The cost of title insurance and mortgage recording tax shall be based on the maximum amount of the credit line available to the borrower, whether advanced or not. (NYCRR & Regs. tit. 3, § 80.10(b))”
We have updated our New York Junior Lien Disclosure (Cx5283) to include this statement when Field 28859 “HELOC” is set to ‘Yes.’
These changes are on Stage 1 and Stage 2 servers and will be in effect on August 22, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR-15185
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.