We are pleased to announce that we will now be formally operating under the name of New York Community Bank in the state of New York and discontinuing the use of "AmTrust Bank, a Division of New York Community Bank" on our mortgage documents.
Please review the following for information to ensure you and your closing partners are familiar with how to incorporate the updated name in mortgage documents.
For Clients Closing Table Funded Loans in New York Community Bank’s Name
Beginning 07.01.11, table funded broker transactions (pipeline loans and new registrations) with a subject property address in New York will close in the name of "New York Community Bank".
This company name update must also be reflected in the following
documentation:
Flood/Hazard:
New York Community Bank
Its Successors And/Or Assigns
Insurance Center
P.O. Box 8326
Springfield, OH 45501
Re: Loan Number XXXXXX
Mortgage Insurance:
New York Community Bank
Its Successors And/Or Assigns
Attention: Insurance Dept.
1801 East Ninth Street, Suite 200
Cleveland, OH 44114
Re: Loan Number XXXXX
Closing Protection Documentation:
New York Community Bank
Its Successors And/Or Assigns
Mail Code: OH99-0310
1801 East Ninth Street, Suite 200
Cleveland, OH 44114-3516
For Clients Closing Table Funded Loans in Their Name
"New York Community Bank" must be used on the following documentation for loans registered on or after 07.01.11:
Note: An endorsement to change the lender name as noted below must be provided for Flood/Hazard and Mortgage Insurance.
Flood/Hazard:
New York Community Bank
Its Successors And/Or Assigns
Insurance Center
P.O. Box 8326
Springfield, OH 45501
Re: Loan Number XXXXXX
Mortgage Insurance:
New York Community Bank
Its Successors And/Or Assigns
Attention: Insurance Dept.
1801 East Ninth Street, Suite 200
Cleveland, OH 44114
Re: Loan Number XXXXX
Closing Protection Documentation:
New York Community Bank
Its Successors And/Or Assigns
Mail Code: OH99-0310
1801 East Ninth Street, Suite 200
Cleveland, OH 44114-3516
For all non-eSign loans:
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The note endorsement must contain stamped/typed verbiage that states "Pay to the Order of New York Community Bank".
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For loans having an allonge to the Note, the allonge must have verbiage assigning the Note to New York Community Bank without recourse.
For Warehouse Funding Clients
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The Mortgagee Clause (for all types of insurance) must read "New York Community Bank" or an endorsement to change the lender name must be provided.
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The Mortgage Insurance Certification needs to list "New York Community Bank" as the insured Lender or an endorsement to change the lender name must be provided.
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The "Good Bye" Letter issued by your company must list "New York Community Bank" as the new/future Servicer.
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The note endorsement must contain stamped/typed verbiage that states "Pay to the Order of New York Community Bank"
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For loans having an allonge to the Note, the allonge must have verbiage assigning the Note to New York Community Bank without recourse.
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For MERS Originated Mortgages, the MIN is to be transferred upon funding to MERS ORG ID# "1009244".
Published July 1st, 2011
