New York passed Assembly Bill A9686 to create a new requirement for mortgage lenders and banking organizations to provide a pamphlet entitled, “What Mortgage Applicants Need to Know,”, to residential mortgage applicants. The pamphlet will be created by the New York Department of Financial Services and posted to the department’s website in six different languages. Lenders may provide the pamphlet electronically, by email or by providing a hyperlink to the department’s web site. Assembly Bill A9686 adds the new section 35 to the New York Banking Law, and includes the requirements for the pamphlet, with an effective date of June 11, 2025.
UPDATE:
As of June 6, 2025, the New York Department of Financial Services has not yet posted the pamphlet to their website. DocMagic is continuing to monitor for the release of the pamphlet and will provide the form in New York application and initial packages when it becomes available.
DocMagic has created form, New York - What Mortgage Applicants Need to Know (Form ID: NYWMANK.MSC). This form will be available from the Forms List for optional use beginning on June 11, 2025. The form provides the language required by New York Banking Law Section 35.
To add the form for New York application or initial packages, please contact DocMagic's Customer Service.
