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: