Tag Archive: "New York"
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New York Enacts Provisions Regarding Home Loan Modifications
The state of New York has recently added a section to its banking law regarding delinquent home loan modifications. These provisions are effective on January 2, 2022.
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New York Adopts Reverse Mortgage Provisions
New York has enacted provisions relating to the regulation of reverse mortgages that are issued pursuant to the Federal Home Equity Conversation Mortgage Program. These provisions are effective as of March 5, 2020.
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New York Modifies Foreclosure Provisions Regarding Reverse Mortgages
The state of New York modified its Real Property Actions and Proceedings Law and Civil Practice Law and Rules relating to foreclosure upon a reverse mortgage. The provisions regarding reverse mortgage loans, including a new disclosure and defining a reverse mortgage as a home loan, become effective immediately and are deemed to have been in full force and effect on and after April 20, 2017.
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New York Amends Law Concerning Limitations on Mortgage Guaranty Insurance Companies
Mortgage insurers providing coverage on loans secured by a first lien on real estate may now elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate security.
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New York Amends Mortgage Loan Consummation Definition (Update)
The state of New York recently added an amendment to its banking laws to define the term “consummation of a mortgage loan.” This has been updated from previous notice.
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New York Adopts Cybersecurity Requirements for Financial Services Companies
New York has adopted provisions regarding cybersecurity requirements for financial services companies.
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New York defines “consummation of a mortgage loan” for purposes of TILA and RESPA
“The term ‘consummation of a mortgage loan’ means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settlement Procedures Act of 1974, as amended, and the regulations thereunder, when the applicant for the mortgage loan executes the promissory note and mortgage.”
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New York Enacts Provisions Concerning Administration of Digital Assets
New York recently enacted provisions concerning the administration of digital assets which take effect immediately.
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New York Amends and Enacts Foreclosure Provisions
New York recently amended and enacted several statutory provisions that relate to foreclosures. These provisions take effect on December 20, 2016. Settlement Conferences First, there are some changes that effect mandatory settlement conferences for foreclosure actions on real property of which the defendant is a resident. The legislation states that at the conference, parties should […]
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Changes Related to the Use of the Freddie Mac Primary Mortgage Market Survey for Subprime Loans in New York
By Theresa M. Dydzak, J.D. Effective January 1, 2016, Federal Home Loan Mortgage Corporation ceased publication of regional breakout figures in its weekly Primary Mortgage Market Survey for 30 and 15 year fixed rate mortgages as well as 5/1hybrid and 1 year adjustable rate mortgages. These figures were used to determine if loans should be […]