New York Reverse Mortgage Foreclosure Bill Signed by Gov. Cuomo

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. […]

New York Updates Reverse Mortgage Regulations with Trade Association Input

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 […]

New Reverse Mortgage Foreclosure Bill Passes in New York

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 […]