At Your Service: New York Consumer Caution and Home Ownership Counseling Notice Updated

This is not legal advice for your situation*

Effective September 1, 2008, an updated version of the New York Consumer Caution and Home Ownership Counseling Notice will be required to be used for all New York high cost home loans. A lender or mortgage broker must give the Notice to the borrower within three (3) days after determining that the loan is a high-cost home loan, but no less than ten (10) days before closing.

The updated Notice appears in DocMagic predisclosure packages when a loan is a high cost home loan. For more information regarding the amendment to the Notice, please click here. If you have any questions concerning the contents of this article, please contact DocMagic, Inc.'s Compliance Department.

To view all At Your Service Articles, click here.

*This article is distributed to provide general information about the subject matter covered and should not be utilized as a substitute for professional advice in specific situations. If you require such advice, please consult with your own professional advisers.