A New York banker issues a 2026 lock-in agreement and asks what list must go in it. Which closing-document and condition list must the lock-in agreement contain?
Correct Answer
D) Documents and conditions typically required for closing
In each lock-in agreement it issues, every mortgage banker and exempt organization shall include a list of all documents typically required to be produced and conditions typically required to be satisfied for closing, based on information provided by the applicant. Other choices: foreseeably is the commitment standard; the file-specific list is not what the paragraph asks for; and a list is required. Source: N.Y. Banking Law § 595-a(3)(c)
Why This Is the Correct Answer
In each lock-in agreement it issues, every mortgage banker and exempt organization shall include a list of all documents typically required to be produced and conditions typically required to be satisfied for closing, based on information provided by the applicant. Other choices: foreseeably is the commitment standard; the file-specific list is not what the paragraph asks for; and a list is required. Source: N.Y. Banking Law § 595-a(3)(c)
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