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 customers account, wire, or bank or certified check, or attorneys 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
