N.Y. Banking Law 6-D – Requirement to state in writing reason for denial of mortgage loan
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§ 6-d. Requirement to state in writing reason for denial of mortgage loan. Every banking organization and licensed mortgage banker which originates mortgage loans secured by real property located within New York state which denies an application for such a loan or makes its approval of such a loan conditional upon the applicant's agreement to terms substantially different than those included in or contemplated by the submitted application shall be required to notify, in writing, any person or agent who returns a substantially completed written mortgage loan application form of the reasons for the denial or conditioned approval.
Terms Used In N.Y. Banking Law 6-D
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.