Section 296-a of the Executive Law provides that it shall be an unlawful discriminatory practice for any creditor to discriminate in the granting of credit on the basis of race, creed, color, national origin, age, sex, marital status or disability. Any person claiming to be aggrieved by an unlawful discriminatory practice engaged in by a creditor may file a complaint with the New York Superintendent of Banks or the New York State Division of Human Rights. Procedures for filing complaints are contained in Sections 296-a and 297 of the Executive Law. We Supervise . I need information about a bank which no longer exists.
Most mortgage notes have a provision for the sale of the loan.
The loans are sold to investors which in turn provides the liquidity necessary for funding additional mortgages. The ability of an institution to charge a prepayment penalty is shown in the mortgage note. State banking law provides for a prepayment penalty being allowed for the first year on fixed rate and variable rate mortgages that re-price in less than 5 years. A portion of the equity can be paid to the owner in either a lump sum or as a stream of payments used to supplement other income such as Social Security. No repayment is made until the borrower no longer resides in the residence.