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#2294318 - 03/04/24 03:00 PM New York Attorney Review Requirements for Mortgage
Tiffany12345 Offline
New Poster
Joined: Jun 2023
Posts: 22
Hi everyone,
We are a smaller mortgage company and getting our license to be able to do mortgages in New York state. I got this question from the product team and I have been searching all over but found I don't really even know where to start (although I have tried google and allregs).

Can anyone give me some guidance on this-- and a citation if you have one?

Here's the question:
"Attorney review (this question is not limited to CEMA). Is this attorney review similar to Texas where we need to have a vendor and process identified? Fees"

and yes, that is all I got for the question but I could ask more details but didn't know it would be this hard to research. Thank you!

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#2294320 - 03/04/24 03:28 PM Re: New York Attorney Review Requirements for Mortgage Tiffany12345
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,729
Galveston, TX
New York has unauthorized practice of law requirements similar to Texas. Plus, in the immortal words of Kathleen Blanchard. If you are not located in New York, you have no business lending there as the NY real estate laws are extremely complex.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2294322 - 03/04/24 03:38 PM Re: New York Attorney Review Requirements for Mortgage Tiffany12345
Tiffany12345 Offline
New Poster
Joined: Jun 2023
Posts: 22
Thanks Randy,
Does New York have a similar regulation like the Texas 50a6 that I can just go review that will tell me what they want?

I don't have any say in what states the higher up's decide we will lend in so I just have to be able to advise on this question and this is my first experience with New York lending.

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#2294324 - 03/04/24 03:43 PM Re: New York Attorney Review Requirements for Mortgage Tiffany12345
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,729
Galveston, TX
The New York real estate statutes are very long and complex. But you need an attorney to prepare or review any documents that touch real estate, such as your security agreements, etc. in order not to get into an unauthorized practice of law situation.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2294328 - 03/04/24 04:00 PM Re: New York Attorney Review Requirements for Mortgage Tiffany12345
Tiffany12345 Offline
New Poster
Joined: Jun 2023
Posts: 22
Thanks again Randy I really appreciate this advice!

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