Document Updates: Cx3710 NY Prevailing Interest Rate Commitment Disclosure

We have made some adjustments to Cx3710 Prevailing Interest Rate Commitment Disclosure to only trigger specific language to more closely follow the instructions on the model form.

The instructions on the model form state that:

“If a commitment fee, origination fee, points or other discounts are collected prior to the fixing of the interest rate, an Index and Margin or Base rate and Deviation must be disclosed.”

The form then has a section for Fixed/Adjustable to disclose the Margin and Index.  The instructions there state:

“If a commitment fee, origination fee, points or other discounts are not collected prior to the fixing of the interest rate, an Index and Margin or Base Rate and Deviation need not be disclosed.”

Then the form has a statement, “Your interest will be determined at or prior to the closing date.”

New field “Commitment, Origination, Points, or Discount Fee Collected Prior to Fixing Interest Rate” (FI 193666) has been created to control which portion of the model form prints. If set to “Yes” or left empty, then the section with the margin and index will print. If set to “No” then the statement “Your interest rate will be determined at or prior to the closing date.”

These changes are available for testing on Stage & Stage 2 servers and will take effect July 4, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

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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.