--- title: "Document Updates: New York Interest Rate Lock Commitment (Cx3588) & New York Prevailing Interest Rate Commitment (Cx3710)" description: Join the First American network of trusted title agents with comprehensive tools and resources. --- - Solutions - [Overview](https://docutech.com/solutions/) - [Document Solutions](https://docutech.com/solutions/document-solutions) - [eClosing](https://docutech.com/solutions/eclosing/) - [Document Generation](https://docutech.com/solutions/document-generation) - [Fulfillment](https://docutech.com/solutions/solutions-fulfillment) - Resources - [Overview](https://docutech.com/resources/) - [Solution Briefs](https://docutech.com/resources/solution-briefs) - [Request a Demo](https://docutech.com/docutech-request-a-demo) - [Compliance](https://docutech.com/resources/compliance) - [Blog](https://blog.docutech.com) - Partners - [Overview](https://docutech.com/partners/) - About Us - [Overview](https://docutech.com/about-us/) - [Contact Us](https://docutech.com/about-us/contact-us) - Let's Talk - Solutions - [Overview](https://www.docutech.com/solutions?hsLang=en) - [Document Solutions](https://www.docutech.com/solutions/document-solutions?hsLang=en) - [eClosing](https://www.docutech.com/solutions/eclosing?hsLang=en) - [Document Generation](https://www.docutech.com/solutions/document-generation?hsLang=en) - [Fulfillment](https://www.docutech.com/solutions/solutions-fulfillment?hsLang=en) - Resources - [Overview](https://www.docutech.com/resources?hsLang=en) - [Solution Briefs](https://www.docutech.com/resources/solution-briefs?hsLang=en) - [Request a Demo](https://www.docutech.com/docutech-request-a-demo?hsLang=en) - [Compliance](https://www.docutech.com/resources/compliance?hsLang=en) - [Blog](https://blog.docutech.com/) - Partners - [Overview](https://www.docutech.com/partners?hsLang=en) - About Us - [Overview](https://www.docutech.com/about-us?hsLang=en) - [Contact Us](https://www.docutech.com/about-us/contact-us?hsLang=en) # Document Updates: New York Interest Rate Lock Commitment (Cx3588) & New York Prevailing Interest Rate Commitment (Cx3710) Oct 14, 2026 Topics: [Document Updates](https://compliance.docutech.com/tag/document-updates) Cx3588 “NY Interest Rate Lock Commitment” and Cx3710 “NY Prevailing Interest Rate Commitment” are based on the sample forms found on the [**New York State Department of Financial Services website**](https://www.dfs.ny.gov/apps_and_licensing/mortgage_companies/sample-model-forms). In both sample forms, Paragraph 19 contains the following language: **PREPAYMENT PENALTY:** This mortgage contains a prepayment penalty. The amount of, or the formula for calculating, the prepayment penalty is \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. The terms of the prepayment are \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. The sample language does not take into account the possibility of having a tiered prepayment penalty formula. To solve for this issue, Docutech has updated Paragraph 19 in both Cx3588 and Cx3710 to use the tiered prepayment penalty language from Cx12389 “Enhanced Prepayment Fee Disclosure” when a tiered prepayment penalty formula exists, as follows: **PREPAYMENT PENALTY:** ☒ This mortgage contains a prepayment penalty. **\[As an example:\]** **If you make a full or partial Prepayment within SIXTY (60) months of the date of the Note, you agree to pay the Note Holder a Prepayment fee. The Prepayment fee you will pay shall be an amount equal to:** **(a) FOUR percent (4.000%) of the original principal balance of your loan if prepaid during the first year of your loan; (b) THREE percent (3.000%) of the original principal balance of your loan if prepaid during the second year of your loan; (c) TWO percent (2.000%) of the original principal balance of your loan if prepaid during the third year of your loan; (d) ONE percent (1.000%) of the original principal balance of your loan if prepaid during the fourth year of your loan; or (e) ZERO AND ONE-HALF percent (0.500%) of the original principal balance of your loan if prepaid during the fifth year of your loan. You will not be obligated to pay a Prepayment fee if such a charge violates state or federal law.** These changes are available for testing on Stage & Stage 2 servers and will take effect on October 21, 2026. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584. *COM-7783 DR-235584* ###### 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. [Return to Blog](https://compliance.docutech.com) ### Stay informed. --- Subscribe to emails to get notified when new content is published. ### Category / Topics [Document Updates](https://compliance.docutech.com/tag/document-updates) ### Recent Posts #### [Document Updates: New York Interest Rate Lock Commitment (Cx3588) & New York Prevailing Interest Rate Commitment (Cx3710)](https://compliance.docutech.com/document-updates-new-york-interest-rate-lock-commitment-cx3588-new-york-prevailing-interest-rate-commitment-cx3710) Oct 14, 2026 #### [Document Updates: Borrower and Spouse Data Population Enhancement on VA Loan Analysis (Cx5533)](https://compliance.docutech.com/document-updates-borrower-and-spouse-data-population-enhancement-on-va-loan-analysis-cx5533) Oct 14, 2026 #### [Document Updates: HUD-1 and HUD-1A for HELOCs (Cx14222 and Cx14223)](https://compliance.docutech.com/document-updates-hud-1-and-hud-1a-for-helocs-cx14222-and-cx14223) Oct 14, 2026 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. 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