Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#2268367 - 03/29/22 08:30 PM NY Recording Tax - TRID LE
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,308
My bank is making an exception and doing a closed end credit home equity installment loan on a NY property. We will be in a second lien position. I believe we have to pay the mortgage recording tax in NY. Is there an exemption on the tax for a second lien loan? If we do have to pay the tax, I am being asked where on the TRID Loan Estimate do you disclose this. I told them section E. Does anyone disagree with this? Thank you.
_________________________
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

Return to Top
#2268368 - 03/29/22 08:48 PM Re: NY Recording Tax - TRID LE Reads Regs
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,349
Galveston, TX
I see nothing that excludes second liens:

https://www.tax.ny.gov/pit/mortgage/mtgidx.htm

Since these are based on the amount of the mortgage, they are transfer taxes. Line 2 - Section E - 0% tolerance.

Make sure there are not local taxes too.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2268370 - 03/29/22 08:52 PM Re: NY Recording Tax - TRID LE Reads Regs
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,349
Galveston, TX
P.S. - if you are not a lender that normally lends in New York - get yourself a really good NY real estate attorney - it is the most complex State in which to lend.

As Kathleen Blanchard used to say, if you are not a NY Bank you have no business lending there.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2268372 - 03/29/22 09:00 PM Re: NY Recording Tax - TRID LE rlcarey
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,308
Thank you, Randy. We do have a NY attorney we use for residential first mortgage loans. I told lending to reach out to him but they weren't sure how quickly he would respond.
_________________________
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

Return to Top