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WBK Industry News - State Regulatory Developments

New York Amends Definition of Consummation of a Mortgage Loan

The State of New York recently amended the term “consummation of a mortgage loan,” as defined in the banking law, to clarify that a mortgage loan may be executed by electronic signature, in addition to the traditional pen and paper method. The amendment became effective on March 15, 2017.

A copy of the amendment can be viewed here: https://www.nysenate.gov/legislation/bills/2017/s982/amendment/original.