Good Funds in New York

Wet or Dry Settlement

Wet

Definition

Not defined by statute.

Requirements

Under the Mortgage Act, it is a prohibited practice for a mortgage lender or broker to disburse the mortgage loan proceeds in any form other than, as applicable, direct deposit to a customer?s account, wire, or bank or certified check, or attorney?s check drawn on that account. No such requirement, however, exists for escrow and closing personnel in New York. 3 CRR-NY 38.7(a)(7).

Exceptions to Requirements

N/A

Cross-References

• New York
• Good Funds