DocMagic will be adding a new form to application and initial disclosure packages for New York loans as of tomorrow, June 11, 2025.
New York recently 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 has been created by the New York Department of Financial Services (“NYDFS”) and was just published today to the department’s website in nine different languages.
Assembly Bill A9686 adds new Section 35 to the New York Banking Law, and includes the requirements for the pamphlet, with an effective date of June 11, 2025. Lenders may provide the pamphlet electronically, by email or by providing a hyperlink to the department’s web site.
DocMagic has created the English version of the pamphlet as What Mortgage Applicants Need to Know (Form ID: NYWMANK.MSC). Beginning on June 11, 2025, the form will be included for New York loans in both application and initial packages. The form will also be available to select from the Forms List.
In addition to the English version of the form, DocMagic will offer the other translated versions of the form that are published on the NYDFS’s website, beginning on July 17, 2025. The Spanish version of the form will return in New York application and initial packages when the Spanish indicator is provided. The other translated versions will be available upon request in the following languages: Arabic, Bengali, Chinese, French, Haitian-Creole, Italian, Korean, Polish, Russian, Urdu, and Yiddish.
If you have any questions regarding this article, please contact DocMagic's Customer Service.