The reverse mortgage industry is making another effort to assist in developing legislation which would allow reverse mortgage loans on co-ops, after a veto from Governor Andrew Cuomo derailed a previous effort at the end of 2019.
A bill in New York requiring area lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of an impending foreclosure action on reverse mortgage borrowers has been signed into law by Governor Andrew Cuomo, codifying the measure into law after being passed by both houses of the state legislature this past summer. […]
The New York Department of Financial Services (DFS) has issued new updates to a series of regulations governing both Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgage products originated within the state, considering a series of industry comments submitted to the regulatory body by the National Reverse Mortgage Lenders Association (NRMLA). This is according […]
A new bill in New York requiring area lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of an impending foreclosure action has passed both houses of the state’s legislature, and is now awaiting the delivery to, and signature of Governor Andrew Cuomo to become law. The bill, known as A5627 in […]