Good Funds in New York
From WFG Wiki
Contents
Overview
Sources
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
