Browsing Tag:York

reverse-mortgage-trade-poised-to-attempt-once-more-for-new-york-co-op-enterprise
Although the reverse mortgage industry worked diligently to support the development of laws related to reverse mortgage lending for housing associations in New York State, everyone's efforts ultimately failed when Governor Andrew vetoed the passed bill Cuomo in late 2019. However, the industry is preparing to try again to pass a new law aimed at providing reverse mortgage-style loans...
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new-york-lawyer-normal-settles-with-nationstar-in-reverse-mortgage-disclosure-dispute
The New York attorney general's office (OAG) announced a $ 500,000 settlement with Champion Mortgage, Nationstar Mortgage's reverse mortgage services division, on standard or foreclosure. The terms of the settlement also provide that Nationstar is under no obligation to admit or deny the results of the OAG.As a result of the settlement, Nationstar will contribute $ 500,000 to...
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new-york-enacts-new-reverse-mortgage-foreclosures-legislation-bradley-arant-boult-cummings-llp
On December 15, 2020, New York Governor Andrew Cuomo signed a bill that, among other things, requires that reverse mortgage lenders in the state notify the state Treasury Department (DFS) and mortgage lenders of an impending foreclosure on reverse mortgage borrowers.The legal and regulatory regime for reverse mortgages has evolved rapidly over the past 24 months. Earlier this...
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reverse-mortgage-lenders-put-together-to-resume-new-york-enterprise-after-pause
After reverse mortgage origination was suspended in New York last month due to a series of new regulations recently enacted by the state governor, at least one major lender has resumed operations in the state while others are doing so prepare soon.Reverse Mortgage Funding (RMF) resumed origination activities in New York State late last week. This is evident...
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new-york-state-points-new-reverse-mortgage-laws
The New York State Treasury Department (NYDFS) has enacted new reverse mortgage regulations and implemented New York State Assembly's recently passed Act A5626. The regulation came into force on March 5, 2020.Congregation Bill A5626 was first passed by the New York State Convention in May and extensively targets what is termed "misleading practices". He calls on reverse...
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reverse-mortgage-lenders-pause-new-york-exercise-amidst-new-rules
Reverse mortgage lenders who are licensed to create reverse mortgages in New York state have largely suspended their application processes for new loans within the state, as RMD has learned, as has been confirmed by several lenders. This is in response to major new regulations that recently went into effect there, according to several industry professionals and lenders...
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