* § 35. Information pamphlet for residential mortgage applicants. 1.
The superintendent shall develop a pamphlet known as "what mortgage
applicants need to know" and post such pamphlet on the department's web
site. Such pamphlet shall be posted and printed in the six most common
non-English languages spoken by individuals with limited-English
proficiency in New York state as based on the most recent census. Copies
of such pamphlet shall be provided to all licensed lenders and banking
organizations offering residential mortgage services. A copy of such
pamphlet shall be provided by licensed lenders, mortgage bankers and
other banking organizations to each person applying for a loan secured
by a mortgage upon residential real estate in accordance with the timing
requirements under 12 CFR § 1026.19(e)(1)(iii). A licensed lender,
mortgage banker or other banking organization may provide the applicant
with the pamphlet via electronic communications, including but not
limited to, electronic mail or a hyperlink to the pamphlet posted on the
department's web site.

2. The pamphlet and web site notice developed pursuant to this section
shall include the following, along with other information added at the
discretion of the superintendent not otherwise inconsistent with the
information set forth in the pamphlet:

""WHAT MORTGAGE APPLICANTS NEED TO KNOW"

As an applicant for a residential mortgage you have the right to:

1. Compare and negotiate the charges of different mortgage brokers and
lenders to obtain the best loan possible.

2. Ask your mortgage broker to explain such person's responsibilities
within the mortgage lending process.

3. Know how much the mortgage broker is compensated by you and the
lender for your loan.

4. A clear and truthful explanation of the terms and conditions of the
loan.

5. Know if the loan being offered is a fixed or adjustable rate
mortgage loan, whether the loan can be transferred or refinanced, know
the exact amount of your monthly loan payments, including any projected
escrow payments, know the final annual percentage rate (APR) and the
amount of regular payments at the loan's closing.

6. Ask for loan estimate detailing all loan and settlement charges
before you agree to the loan and pay any fees, including without
limitation loan application fees, title search and insurance fees,
lender's attorney fees, property appraisal charges, inspections,
recording fees, late payment fees, transfer taxes, point and origination
fees, escrow account balances, which services a loan applicant can shop
for and which they cannot, and you are entitled to receive such estimate
within three business days of applying for a loan.

7. Obtain credit counseling before closing a loan.

8. Decide whether or not to finance any portion of the points or fees.

9. Refuse to purchase credit insurance for any mortgage loan.

10. Have your property appraised by an independent licensed
professional and to receive a copy of the appraisal.

11. Not be subject to deceptive marketing practices.

12. Ask for the consumer financial protection bureau's booklet "Your
home loan toolkit".

13. Receive the following documents, and every document otherwise
required to be given to you at closing under federal and New York state
law:

a. Loan estimate,

b. Closing disclosure.

14. Know what deposits and fees are not refundable if you decide to
cancel the loan agreement.

15. Receive in writing the reason for the denial or conditional
approval of your loan application.

16. If refinancing, you may cancel a loan within three days of the
closing by providing written notification of cancellation to the
licensed lender or banking institution.

17. Receive the closing disclosure three days before the closing takes
place.

18. Have any lending disputes resolved in a fair and equitable manner.

19. A credit decision that is not based upon your race, color,
national origin, religion, sex, family status, sexual orientation,
disability or whether any income is from public assistance.

20. File a complaint with the department or the Consumer Financial
Protection Bureau if you believe that a mortgage broker or any other
entity licensed by the department or the Consumer Financial Protection
Bureau has violated any rules, regulations or laws which govern such
person's conduct in working with you to get or process a mortgage loan.

21. File a complaint with the New York state department of state or
the Consumer Financial Protection Bureau if you believe that a real
estate broker has violated any rules, regulations or laws which govern
such person's conduct in working with you to purchase a home."

* NB Effective June 11, 2025