NY A07386

Recording officers must reject any deed unless it contains explicit warning language stating "YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME" with a notarized signature from the transferor.

Failure to include the required warning language or obtain the transferor's notarized acknowledgment signature constitutes a class E felony.

Deed transfers from borrowers to mortgage servicers conducted as part of mortgage modifications are declared invalid and unenforceable.

The New York Department of Financial Services gains authority to investigate fraudulent deed transfer claims, including violations of the mortgage servicer transfer prohibition.