3 CRR-NY 43.2NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 3. BANKING
CHAPTER I. GENERAL REGULATIONS OF THE SUPERINTENDENT
PART 43. SUBPRIME HOME LOANS–MEANING OF TERMS
3 CRR-NY 43.2
3 CRR-NY 43.2
43.2 Meaning of certain terms.
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 a 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 14th through Thursday, June 20th, the relevant PMMS is the one published on Thursday, June 13th. For a good faith estimate issued on Friday, June 21st through Thursday, June 27th, the relevant PMMS is the one published on Thursday, June 20th.
(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 estimate shall 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.
3 CRR-NY 43.2
Current through January 31, 2023
End of Document

IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.