Consolidation Modification Extension Agreement

The plaintiff states that it is a hedging agency that wishes to promote and recommend to potential refinancing clients in New York a mortgage tax product, what the CRA calls the « mortgage tax guarantee. » In particular, the proceeds would ensure that a homeowner who refinances his housing construction loan but is not eligible for the consolidation, modification or renewal of that loan would only pay mortgage tax on any additional mortgage amount lent by a lender. The applicant provides the following example: Note: there are no additional costs related to alternating between a CEMA and a refinancing in the first week after the block and no effect on your interest rate, depending on the product you have chosen. Our bank attorney sends documents to your current credit service provider for verification and approval, a prerequisite for obtaining a CEMA There are two main considerations in the decision between a CEMA and a traditional refinancing – cost and time. On 9 April 2008, the Office of General Counsel issued the following opinion, in which it adopted the position of the New York State Department of Insurance. The credit estimates shown above are for illustrating purposes only. ____________ Our bank attorney will contact you as soon as they become aware of your current lender of CEMA approval status, approximately 2-6 weeks after filing (depending on your lender) New York State collects a tax for the home loan within the state. The registration fee applies to both purchases and refinancings, but excludes cooperatives. It is usually around 1-2% of your credit amount, which can significantly increase your closing costs. This publication is intended for general information. It is not intended for this and should not be considered as a consideration for tax, legal or other advice. If your CEMA is not approved, Section E remains the same, but the CEMA fee in Section B will be removed, reducing your closing costs. You can request a sentence and block, even if your current lender has not approved your cema application.

. . .