Discover how Propel™ streamlines DSCR loan production. Generate compliant DSCR documentation nationwide, close faster, and scale investor lending with seamless integration and compliance-first automation.
Lenders originating loans in New York are now required to provide mortgage applicants with an informational pamphlet titled “What Mortgage Applicants Need to Know.”
This new requirement stems from Section 35 of New York’s Banking Law, which outlines the core content to be included in the pamphlet while granting the New York Department of Financial Services (NYDFS) the authority to update or revise the language as needed.
To better serve applicants with limited English proficiency, the NYDFS must also publish and distribute the pamphlet in the six most commonly spoken non-English languages across the state.
The final version of the pamphlet is now available on the NYDFS website here and has been added to the Propel™ document library. It is now included automatically in all New York application packages to help ensure lender compliance and consumer transparency.
Discover how Propel™ streamlines DSCR loan production. Generate compliant DSCR documentation nationwide, close faster, and scale investor lending with seamless integration and compliance-first automation.
Find out why a top-ten mortgage lender with a proprietary loan origination system (LOS) needed to convert from a legacy document platform.
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