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.
New York State Legislature
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. […]
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 […]
Reverse mortgage lenders who have approval to generate reverse mortgages in the state of New York have largely paused their application processes for new loans within the state, RMD has learned, which has been confirmed by multiple lenders. This is in response to sweeping new regulations that have recently gone into effect there, according to […]
The New York State Department of Financial Services (NYDFS) has issued new reverse mortgage regulations, implementing the recently-passed New York State Assembly Bill A5626. The regulations went into effect as of March 5, 2020. Assembly bill A5626 was first passed by the New York State Assembly in May, and takes sweeping aim at what it […]
A New York state law that was recently signed by Governor Andrew Cuomo, and which targets deceptive consumer practices while imposing new requirements on borrower representation during loan closings, could have potentially serious implications on the way that reverse mortgage business is conducted in the state. State Assembly bill A5626 was first passed by the […]
A bill that was passed in both houses of the New York State Assembly which would have authorized reverse mortgage cooperative apartment unit loans for the state’s senior population, while also providing additional consumer protections, was vetoed by the state’s governor shortly before the start of the holidays. New York State Senate Bill S03686, which […]
A reverse mortgage bill aiming to change the way industry professionals do business in the state of New York was signed into law on Friday by Governor Andrew Cuomo, RMD has learned. This has codified the bill into New York state law, and Governor Cuomo’s office confirmed to RMD that he had signed it. Assembly […]
A new reverse mortgage bill poised to become law in New York stands to change the way reverse mortgage professionals do business in the state. The bill, passed by the State Assembly in May and now awaiting the signature of Governor Andrew Cuomo, takes sweeping aim at what it calls “deceptive practices,” requiring lenders to […]
Reverse mortgage originators and servicers that conduct business in the state of New York should act now to comply with a bill passed by that state’s assembly — and that will soon be submitted for the signature of Governor Andrew Cuomo to become law. That’s according to a notice written by a partner at international […]
