Starting on June 11, 2025, NY residential real estate purchasers will receive a new pamphlet, called "What Mortgage Applicants Need to Know," pursuant to A9686.

This pamphlet is going to be created by the NYS Department of Financial Services and it will be available on the Department's Website - https://www.dfs.ny.gov/ where lenders have an affirmative duty to provide the form and put it on their website, as described in the law.

The pamphlet will equip all mortgage applicants, and especially non-English speaking homebuyers, with information on interest rates and market comparisons before they engage with lenders and bankers. Lenders and bankers are also required to provide buyers with the pamphlet. 

Loan officers (LO) beware - this pamphlet directs consumers to file a complaint with CFPB if such consumer believes that such LO violated the law. 

Real Estate Brokers beware - this pamphlet directs consumers to file a complaint with DOS if such consumer believes that such broker violated the law "in working with you to purchase a home," which is without limitation to lending. 

In fact, the pamphlet, developed by the Department of Financial Services, must include the following minimum requirements:

"'WHAT MORTGAGE APPLICANTS NEED TO KNOW'
   AS AN APPLICANT FOR A RESIDENTIAL MORTGAGE YOU HAVE THE RIGHT TO:
   1. COMPARE AND NEGOTIATE THE CHARGES OF DIFFERENT MORTGAGE BROKERS AND
 LENDERS TO OBTAIN THE BEST LOAN POSSIBLE.
   2.  ASK YOUR MORTGAGE BROKER TO EXPLAIN SUCH PERSON'S RESPONSIBILITIES
 WITHIN THE MORTGAGE LENDING PROCESS.
   3. KNOW HOW MUCH THE MORTGAGE BROKER IS COMPENSATED  BY  YOU  AND  THE
 LENDER FOR YOUR LOAN.

 4. A CLEAR AND TRUTHFUL EXPLANATION OF THE TERMS AND CONDITIONS OF THE
 LOAN.
   5.  KNOW IF THE LOAN BEING OFFERED IS A FIXED OR ADJUSTABLE RATE MORT-
 GAGE LOAN, WHETHER THE LOAN CAN BE TRANSFERRED OR REFINANCED,  KNOW  THE
 EXACT  AMOUNT  OF  YOUR  MONTHLY  LOAN PAYMENTS, INCLUDING ANY PROJECTED
 ESCROW PAYMENTS, KNOW THE FINAL ANNUAL PERCENTAGE  RATE  (APR)  AND  THE
 AMOUNT OF REGULAR PAYMENTS AT THE LOAN'S CLOSING.
   6.  ASK  FOR  LOAN  ESTIMATE DETAILING ALL LOAN AND SETTLEMENT CHARGES
 BEFORE YOU AGREE TO THE LOAN AND PAY ANY FEES, INCLUDING WITHOUT LIMITA-
 TION LOAN APPLICATION FEES, TITLE SEARCH AND  INSURANCE  FEES,  LENDER'S
 ATTORNEY  FEES, PROPERTY APPRAISAL CHARGES, INSPECTIONS, RECORDING FEES,
 LATE PAYMENT FEES, TRANSFER TAXES, POINT AND  ORIGINATION  FEES,  ESCROW
 ACCOUNT BALANCES, WHICH SERVICES A LOAN APPLICANT CAN SHOP FOR AND WHICH
 THEY  CANNOT, AND YOU ARE ENTITLED TO RECEIVE SUCH ESTIMATE WITHIN THREE
 BUSINESS DAYS OF APPLYING FOR A LOAN.
   7. OBTAIN CREDIT COUNSELING BEFORE CLOSING A LOAN.
   8. DECIDE WHETHER OR NOT TO FINANCE ANY PORTION OF THE POINTS OR FEES.
   9. REFUSE TO PURCHASE CREDIT INSURANCE FOR ANY MORTGAGE LOAN.
   10. HAVE YOUR PROPERTY APPRAISED BY AN  INDEPENDENT  LICENSED  PROFES-
 SIONAL AND TO RECEIVE A COPY OF THE APPRAISAL.
   11. NOT BE SUBJECT TO DECEPTIVE MARKETING PRACTICES.
   12.  ASK  FOR THE CONSUMER FINANCIAL PROTECTION BUREAU'S BOOKLET "YOUR
 HOME LOAN TOOLKIT".
   13. RECEIVE THE FOLLOWING  DOCUMENTS,  AND  EVERY  DOCUMENT  OTHERWISE
 REQUIRED  TO BE GIVEN TO YOU AT CLOSING UNDER FEDERAL AND NEW YORK STATE
 LAW:
   A. LOAN ESTIMATE,
   B. CLOSING DISCLOSURE.
   14. KNOW WHAT DEPOSITS AND FEES ARE NOT REFUNDABLE IF  YOU  DECIDE  TO
 CANCEL THE LOAN AGREEMENT.
   15.  RECEIVE  IN  WRITING  THE  REASON  FOR  THE DENIAL OR CONDITIONAL
 APPROVAL OF YOUR LOAN APPLICATION.
   16. IF REFINANCING, YOU MAY CANCEL A LOAN WITHIN  THREE  DAYS  OF  THE
 CLOSING  BY  PROVIDING  WRITTEN  NOTIFICATION  OF  CANCELLATION  TO  THE
 LICENSED LENDER OR BANKING INSTITUTION.
   17. RECEIVE THE CLOSING DISCLOSURE THREE DAYS BEFORE THE CLOSING TAKES
 PLACE.
   18. HAVE ANY LENDING DISPUTES RESOLVED IN A FAIR AND EQUITABLE MANNER.
   19. A CREDIT DECISION  THAT  IS  NOT  BASED  UPON  YOUR  RACE,  COLOR,
 NATIONAL ORIGIN, RELIGION, SEX, FAMILY STATUS, SEXUAL ORIENTATION, DISA-
 BILITY OR WHETHER ANY INCOME IS FROM PUBLIC ASSISTANCE.
   20.  FILE  A  COMPLAINT  WITH THE DEP
ARTMENT OR THE CONSUMER FINANCIAL
 PROTECTION BUREAU IF YOU BELIEVE THAT A MORTGAGE  BROKER  OR  ANY  OTHER
 ENTITY  LICENSED  BY THE DEPARTMENT OR THE CONSUMER FINANCIAL PROTECTION
 BUREAU HAS VIOLATED ANY RULES, REGULATIONS OR  LAWS  WHICH  GOVERN  SUCH
 PERSON'S CONDUCT IN WORKING WITH YOU TO GET OR PROCESS A MORTGAGE LOAN.
   21.  FILE  A  COMPLAINT WITH THE NEW YORK STATE DEPARTMENT OF STATE OR
 THE CONSUMER FINANCIAL PROTECTION BUREAU IF  YOU  BELIEVE  THAT  A  REAL
 ESTATE  BROKER  HAS VIOLATED ANY RULES, REGULATIONS OR LAWS WHICH GOVERN
 SUCH PERSON'S CONDUCT IN WORKING WITH YOU TO PURCHASE A HOME."