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#2270195 - 05/09/22 05:19 PM Pre-application disclosure 38.3(b)
WDCA Offline
Member
Joined: Nov 2015
Posts: 76
Does anyone know if the NY pre-application disclosures under N.Y. title 3 section 38.3 are required for Helocs and he loans?

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#2270201 - 05/09/22 05:43 PM Re: Pre-application disclosure 38.3(b) WDCA
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,971
Galveston, TX
It would depend on whether a commitment fee or points are paid or will be paid to the lender prior to closing

(b)Mortgage banker and exempt organization application disclosures and procedures.
(1) Disclosures. In those instances in which the proceeds of the mortgage loan will be used to finance the acquisition of the dwelling and in all other residential mortgage loan transactions in which a commitment fee or points are paid or will be paid to the lender prior to closing, then prior to the taking of an application, application fee, credit report fee or property appraisal fee, every mortgage banker or exempt organization shall disclose in writing or via electronic media to each applicant for a mortgage loan:
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2270299 - 05/10/22 11:44 PM Re: Pre-application disclosure 38.3(b) WDCA
WDCA Offline
Member
Joined: Nov 2015
Posts: 76
Thanks

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