Document Updates: New NY “What Mortgage Applicants Need To Know” Pamphlet (Cx28331)

As previously announced, on December 13, 2024, New York Governor Kathy Hochul signed Assembly Bill A9686 that enacts NY Banking Law § 35, which contains a new requirement for mortgage lenders and other banking organizations offering residential mortgage services to provide a “What Mortgage Applicants Need to Know” pamphlet to applicants. These provisions are effective June 11, 2025.

On February 14, 2025, Assembly Bill A9686 amended the language in NY Banking Law § 35(1):

From: “Copies of such pamphlet shall be provided to all licensed lenders and banking organizations offering residential mortgage services.”

To: “The [New York State] [D]epartment [of Financial Services] will notify mortgage bankers and banking organizations when the pamphlet is posted on the department’s web site and when any changes to the pamphlet are made.”

Since the NYDFS has not yet posted the pamphlet on their website, and to comply with the effective date of this disclosure requirement, Docutech has created a new document. Cx28331 “NY What Mortgage Applicants Need to Know” is based on the language found in NY Banking Law § 35(2).

Cx28331 will print when:

State Code (2279) = New York
Document Package Type (18215) = Initial Disclosure

Effective Date

These changes are available for testing on Stage & Stage 2 servers and will take effect on June 11, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

LEG-3010
DR-185024

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.