1-3-2025 New York's Pamphlet Requirement for Mortgage Applicants
On December 13, 2024, Governor Kathy Hochul signed Assembly Bill 9686 into law, requiring the New York Department of Financial Services to create and publish a pamphlet, titled "What Mortgage Applicants Need to Know," for residential mortgage loan applicants on its website.
Beginning June 11, 2025, licensed lenders, mortgage bankers, and other banking organizations must provide this pamphlet to all residential mortgage loan applicants within three business days of receiving a loan application. Distribution can be via email or hyperlink.
This new law underscores the importance of clear communication and consumer protection in the mortgage lending process. We are prepared to help your company navigate the requirements of this new law. If you have any questions, please reach out to your Woods Oviatt Gilman attorney or any member of any member of our Financial Services industry group at Woods Oviatt Gilman LLP.
