Mortgage fundamentals (note + mortgage; lien theory; judicial foreclosure in NY — 2–4 year process); co-op financing (share loan; UCC Article 9; underlying building mortgage; board approval of financing); standard loan types (conventional, FHA, VA, jumbo — important in NYC); RESPA (Loan Estimate 3 days; Closing Disclosure 3 days before); TILA (APR; rescission on refis, not purchases); ECOA; HMDA; attorney-handled NY closings; NYC closing sequence; title company + attorney coordination; mortgage recording tax (~0.5% upstate; ~1.8% NYC — borrower pays); CEMA (consolidation agreement to save mortgage recording tax); flip tax (co-op — seller pays to building reserve); transfer tax calculations; proration (30-day month method common in NY).
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