The following interpretations shall be used in determining
whether a loan is a subprime home loan within the meaning of Section
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.
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.
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.
N.Y. Comp. Codes R. &
Regs. Tit. 3
York State Register March 19, 2014/Volume XXXVI, Issue 11, eff.