IN NY state can a bank back off a loan after closing has happened if it has been approved by the underwriters?

yes they can . A loan commitment usually has conditions built in the language such as proof of citizenship or enough assets, etc.however you can take action against bank if you can meet or have met all such conditions which are stipulated in loan approval . IF you take it to court there is a 99.99% chance of winning.Good Luck

Yes they can. If any of your information has changed that causes you to not qualify anymore for the loan (i.e.: Loss of Job, Lower Income, New Loans, Drop in credit score, etc.) then the Bank has the right to rescind the mortgage commitment.

Once a loan is funded, and the deed recorded, then the loan cannot be undone.. But up till the day it's funded and recorded, yes.. the lender can back out. If you committed loan fraud, then even after the loan is funded and recorded, they cannot undo the loan..they can turn you into the authorities, and sue you civilly, but the loan cannot be undone. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893