We have updated Cx4987, the Co-Operative Loan Security Agreement. Previously, the form limited legal fees, costs, allowances, and disbursements payable to attorneys who are not salaried employees to 15% of the debt amount in New York and Minnesota. Based on our review, that limitation is not required for first-lien transactions in either state, so we have removed it. The updated language instead provides that these fees must be reasonable, actually incurred, and permitted by applicable law.
These changes are available for testing in Stage and Stage 2 and are scheduled to take effect on June 9, 2026. If you have questions about this update, please contact Client Support at 1.800.497.3584.
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