As previously announced, because the NYDFS had not yet posted the “What Mortgage Applicants Need To Know” pamphlet on their website, to comply with the June 11, 2025 effective date, Docutech created Cx28331 “NY What Mortgage Applicants Need to Know” based on the language found in NY Banking Law § 35(2).
This afternoon, the NYDFS posted the “What Mortgage Applicants Need To Know” pamphlet information on their website at https://www.dfs.ny.gov/consumers/help_for_homeowners. Consequently, Cx28331 will no longer print the language found in NY Banking Law § 35(2). Instead, Cx28331 will print the exact language and hyperlinks found on the NYDFS website under the heading “Mortgage Applicants: Know Your Rights.”
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-186775
UPDATE:
Cx28331 is now a Multi-Doc Collection (MDC) document because NY Banking Law § 35(1) states: “A copy of such pamphlet shall be provided by mortgage bankers and other banking organizations to each person applying for a loan secured by a mortgage upon residential real estate in accordance with the timing requirements under 12 CFR § 1026.19(e)(1)(iii).” Cx28331 now prints individually for all applicants including guarantors and entities.
Also, the English version of the pamphlet now prints after the initial page of Cx28331, which includes hyperlinks to ten additional language versions of the pamphlet. Even though NY Banking Law § 35(1) states: “A mortgage banker or banking organization may provide the applicant with the pamphlet via electronic communications, including but not limited to, electronic mail or a hyperlink to the pamphlet posted on the department’s web site,” the statute is not explicit regarding the sufficiency of providing a hyperlink for paper fulfillment, which is why the English version of the pamphlet has been added.
These changes are available for testing on Stage & Stage 2 servers and will take effect immediately. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
COM-6224
DR-186848