A New York expiration notice in 2026 gives the expiry date and nothing else. What additional request must the expiration notice contain?
Correct Answer
B) Incomplete: it must also request immediate contact with the lender
The notice must indicate the date of expiration together with a request that the applicant contact the lender immediately to discuss the conditions precedent to the closing of the loan. Other choices: the request is part of the required content; the rate is not; and the state of the file does not remove the requirement. Source: N.Y. Banking Law § 595-a(3)(c)
Why This Is the Correct Answer
The notice must indicate the date of expiration together with a request that the applicant contact the lender immediately to discuss the conditions precedent to the closing of the loan. Other choices: the request is part of the required content; the rate is not; and the state of the file does not remove the requirement. Source: N.Y. Banking Law § 595-a(3)(c)
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