New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 43 - Subprime Home Loans - Meaning Of Terms
Section 43.2 - Meaning of certain terms
Current through Register Vol. 46, No. 12, March 20, 2024
The following interpretations shall be used in determining whether a loan is a subprime home loan within the meaning of Section 6-m of the Banking Law:
(a) The term week referred to in the phrase "the week prior to the week in which the lender provides the 'good faith estimate" used in section 6-m(1)(c) shall in all cases mean the seven-day period from Friday through Thursday, the day on which the Federal Home Loan Mortgage Corporation publishes its Primary Mortgage Market Survey (PMMS). Therefore, the relevant PMMS for purposes of section 6-m(1)(c) is the one published on the Thursday prior to receiving the good faith estimate. For example, if a lender provides a good faith estimate on any day including Friday, June 14 through Thursday, June 20, the relevant PMMS is the one published on Thursday, June 13. For a good faith estimate issued on Friday, June 21 through Thursday, June 27, the relevant PMMS is the one published on Thursday, June 20.
(b) The term good faith estimate referred to in the phrase "good faith estimate required under 12 USC § 2601 et seq." used in section 6-m(1)(c) shall in all cases mean the good faith estimate used to establish the terms of the mortgage loan. If a revised good faith estimate is required under section 1024.7(f) of Regulation X ( 12 CFR Part 1024 ), the term good faith estimateshall mean such revised good faith estimate.
(c) The term commitment referred to in the phrase "the time the lender issues its commitment" used in section 6-m(1)(b) shall in all cases where a commitment is not issued by the lender mean the good faith estimate.
