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

• December 6, 2016
• Theresa Dydzak

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.

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