Difference between revisions of "Good Funds in New York"
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==Overview== | ==Overview== | ||
==Sources== | ==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 | + | ==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]] | * [[New York]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 07:09, 4 September 2018
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
