(1) Each of the following:

(2) The length of the lock-in period, which must be a time period within which the lender can reasonably expect to close the loan given the prevailing market conditions at time of lock-in; and the consequence of failing to close the loan within the lock-in period. The lock-in period shall commence at the time that the lock-in agreement is binding on the applicant and the mortgage banker or exempt organization as set forth in this section. This shall not prevent the parties from locking-in a rate that was in effect before the lock-in agreement became binding on both parties, provided that such rate shall not be higher than the rate that would otherwise be locked-in in the lock-in agreement.

(3) A notice printed indicating that if the applicant provides incomplete or incorrect credit information, he may forfeit some or all of his lock-in fee. If the lock-in agreement is typewritten, this notice shall be entirely in upper case letters and underlined. This notice shall be no less conspicuous than any other disclosure made pursuant to this section.

(4) Whether the lock-in fee is refundable, and the terms and conditions necessary to obtain the refund.

(5) The amount of the application fee, and provide a good faith estimate of the credit report fee and property appraisal fee, provided such fees have not been previously disclosed to the applicant.

(6) A list of all property-related documents typically required to be produced by the applicant and property-related conditions typically required to be satisfied by the applicant for closing of a mortgage loan based on the information provided by the applicant as well as any other information the lender knows or reasonably should know at the time a lock-in agreement is issued and a lock-in fee is paid to the lender, provided a commitment has not yet been issued. This list shall include, but need not be limited to, the items set forth in section 38.4(a)(4) of this Part, but need not include underwriting documents and conditions or specific title exceptions. The disclosures required by this paragraph need not be contained in the lock-in agreement, but may be provided in a separate form referenced in the lock-in agreement and clearly labelled as “Conditions To Be Satisfied for Closing”.

(1) A lock-in fee including any points taken by the lender prior to commitment must be refundable in full if the property appraisal report is not favorable for the product locked in.

(2) A lock-in fee including any points taken by the lender prior to closing must be refunded in full if an applicant who provided complete and correct credit information as required by an application form is rejected as not creditworthy.

(3) The lock-in agreement shall be binding on both the applicant and the lender when such agreement is signed by the applicant and the lender. This requirement shall be disclosed to the applicant as set forth in this section.

(4) The notice of expiration of the lock-in period required by section 595-a(3)(c) of the Banking Law must be a separate document and must be mailed or electronically transmitted to each individual applicant and, in any joint application, either to a notice recipient, if one has been designated as such by the applicants or, if none, then to all the applicants not less than 12 business days nor more than 20 business days prior to the expiration of the lock-in period provided such expiration is more than 12 business days from the date the rate is locked irrespective of whether a lock-in fee is paid to the lender. This notice may refer to both the expiration of the commitment period and the lock-in period provided that the notice is timely with regard to the expiration of each.

(5) Both the applicant's signature and the signature of the lender may be hand-written or digital to the extent such digital signatures are recognized as binding under New York State law.

(6) With regard to written lock-in agreements, a duplicate or facsimile copy of the lock-in agreement signed by both the applicant and the lender shall be promptly provided to the applicant.

(7) With regard to electronic lock-in agreements, within three business days of the electronic transmission of a lock-in agreement signed by the lender, a hard-copy of such lock-in agreement shall be mailed to each applicant who indicates that he or she does not have the computer capacity to down-load and print such agreement. Furthermore, in those instances in which a hard copy of the lock-in agreement is not mailed to the applicant, then the lender must be able to demonstrate that information was obtained as to the applicant's computer capacity to down-load and print such agreement.

(8) With regard to electronic notices of expiration, within three business days of the electronic transmission of a notice of expiration, a hard-copy of such notice shall be mailed to the applicant who indicates that he or she does not have the computer capacity to down-load and print such notice. Furthermore, in those instances in which a hard copy of the notice is not mailed to the applicant, then the mortgage banker or exempt organization must be able to demonstrate that information was obtained as to the applicant's computer capacity to down-load and print such notice.

(1) the mortgage broker, mortgage bankers or exempt organizations acting in a mortgage brokerage capacity provides the consumer with a lock-in agreement, signed by mortgage banker or exempt organization which intends to make the loan, which conforms with the requirements of this section; and

(2) the lock-in fee is made payable by the applicant to the mortgage banker or an exempt organization which intends to make the loan. A mortgage broker may only take a lock-in fee for transmittal to the mortgage banker or exempt organization which intends to make the loan.