New York defines “consummation of a mortgage loan” for purposes of TILA and RESPA

The state of New York added a new subdivision to its banking laws which defines the term “consummation of a mortgage loan”:

“The term ‘consummation of a mortgage loan’ means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settlement Procedures Act of 1974, as amended, and the regulations thereunder, when the applicant for the mortgage loan executes the promissory note and mortgage.”

This amendment is effective immediately.

  • Regulatory Compliance Consultant
  • CliftonLarsonAllen
  • Lexington, MA
  • 781-402-6456

Theresa Dydzak, JD, is a regulatory compliance consultant with Bankers Advisory. She is a graduate of Providence College and earned her juris doctor at Suffolk University Law School. She is admitted to the bar in Massachusetts and New Hampshire.

Comments are closed.

Subscribe to Our Email List

* indicates required