Mortgages, NYDFS, Mortgage Lenders

Executive Summary – New York Regulation and Disclosure – What Mortgage Applicants Need to Know

Blank Rome LLP on 6/13/2025

A new law in New York took effect on June 11, 2025, requiring banking organizations, licensed lenders, and mortgage bankers provide a disclosure pamphlet titled “What Mortgage Applicants Need to Know” (the “Pamphlet”)....more

NYDFS introduces regulation to supervise mortgage bankers, community credit access

Orrick, Herrington & Sutcliffe LLP on 12/24/2024

On December 17, NYDFS introduced a new regulation, NEW 3 NYCRR 120, Compliance with Banking Law Section 28-bb, which would require nonbank mortgage bankers in New York State to collect and report data related to home loans to...more

NYDFS releases its 2024 report on minority mortgage lending

Orrick, Herrington & Sutcliffe LLP on 11/27/2024

Recently, NYDFS released its 2024 Annual Minority Mortgage Lending Report which provided an analysis of mortgage lending activities in the State of New York, with a focus on minorities’ access to mortgage loans and marking...more

New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options

Alston & Bird on 2/15/2023

A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law....more

New York Opens Significant New ‎Lending Market by Authorizing Reverse Mortgages Secured ‎by ‎Co-Op Apartments‎

Troutman Pepper Locke on 12/6/2021

The law does not take effect until mid-2022 and is subject to regulations to be promulgated by the ‎New ‎York Department of Financial Services. ‎ On December 1, 2021, New York Governor Kathy Hochul signed into law a bill...more

New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA...

Ballard Spahr LLP on 11/16/2021

Expansion of CRA coverage. On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage...more

NYDFS Issues Industry Letter on Preventing Sexual Orientation Discrimination in Mortgage Lending

Troutman Pepper Locke on 9/3/2021

On August 31, the New York Department of Financial Services (DFS) issued an industry letter to all supervised mortgage lending institutions and their affiliates on preventing sexual orientation discrimination in mortgage...more

New York Department of Financial Services Announces Fair Lending Agreement With Nonbank Mortgage Lender and Releases Redlining...

Ballard Spahr LLP on 3/15/2021

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more

New York Dept. of Financial Services announces fair lending agreement with nonbank mortgage lender and releases redlining report

Ballard Spahr LLP on 2/24/2021

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more

Following Fair Lending Investigation, NYS DFS Issues Report, Recommendations, and Mortgage Lender Best Practices

Hinshaw & Culbertson - Consumer Crossroads on 2/15/2021

The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a...more

NYDFS Publishes Guidance to NY State Regulated Mortgage Lenders and Servicers Relating to Fees Paid to Register Mortgages in...

Ballard Spahr LLP on 9/28/2020

On September 1, 2020 the NYDFS published Industry Guidance to the Chief Executive Officers or Equivalents or New York Regulated Mortgage Lenders and Services regarding the unlawful pass through to the mortgagor (“Borrower”)...more

Distressed Real Estate During the Coronavirus Pandemic: Tips for Negotiating Forbearance Agreements

Pillsbury Winthrop Shaw Pittman LLP on 4/14/2020

In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into. A forbearance agreement can benefit both...more

NYDFS Adopts Emergency Regulation Requiring COVID-19 Mortgage Loan Forbearance

Ballard Spahr LLP on 3/26/2020

On March 24, 2020 the New York State Department of Financial Services (NYDFS) adopted on an emergency basis a regulation that requires New York-regulated banking organizations and New York-regulated mortgage servicers subject...more

COVID – 19 Update: New York Residential Mortgage And Other Banking Relief

Cole Schotz on 3/26/2020

On March 21st New York Governor Andrew Cuomo issued an executive order which seeks to protect individuals who experience financial hardship as a result of the COVID-19 pandemic. The executive order does the following: 1....more

In the Face of the COVID-19 Pandemic's Impact on Business and Policyholders, the New York Department of Financial Services Sets...

Chartwell Law on 3/25/2020

The World Health Organization’s (“WHO”) formal declaration that the spread of the novel coronavirus COVID-19 is now a pandemic, accompanied by the United States’ Federal Government and individual states’ “state of emergency”...more

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