MBAofNY is committed to tackling Legislative and Regulatory Issues affecting the industry. We advocate for our members' needs and to build a stronger industry. The legislative committee wants your input. Contact the MBAofNY Legislative Chairperson to get involved and to make sure our voice is heard.
The 2016 Volume of Operations Report (VOOR) filing information will be available shortly on the NYSDFS website. Watch your mail for your log-in information and make sure you file on-time. Since the data requirements are the same as last year’s VOOR, you may want to get a head start on completing the information in anticipation of filing. At this time, we do not know if the annual filing date will be extended.
CFPB has issued proposed amendments to the TRID Rule.
The Bureau of Consumer Financial Protection (Bureau) is proposing various amendments to Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. The proposed amendments memorialize the Bureau’s informal guidance on various issues and include clarifications and technical amendments. The Bureau is also proposing tolerance provisions for the total of payments, an adjustment to a partial exemption mainly affecting housing finance agencies and nonprofits, extension of coverage the integrated disclosure requirements to all cooperative units, and guidance on sharing the disclosures with various parties involved in the mortgage origination process.
Please contact your State Senator and urge him/her to vote "No" to S4781. The "Abandoned Property Neighborhood Relief Act of 2016" imposes a duty on the mortgagee or its loan servicing agent to maintain property secured by delinquent mortgage.
Last week the New York State Assembly passed A6932 by a wide margin, and it appears that the Senate companion bill, S4781, is gaining momentum. Lenders doing business in the state of New York should be very concerned about this legislation. If passed, the bill would require lenders/servicers to maintain properties once they are vacant and abandoned, regardless of the fact that the lender/servicer has no ownership in the property and is in store for a foreclosure process that will take at least 3 years. The fine for noncompliance will be $1,000 per day. It is very probable that many lenders will leave the state, due to the legal risk and financial burden that will be placed on them when properties become vacant and abandoned.
4-29-2016 FFIEC announcement regarding the updated examination procedures.
4-26-2016 - MBAofNY supports elimination of reinsurance requirement mortgage guarantee insurance companies in NY. MBAofNY continues its work with industry leaders including mortgage insurance companies to ensure New York consumers have access to relevant and affordable financial products and options.
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4-28-16 - MBAofNY at work for you - MBAofNY at work for you: TRID Clarification on Its Way
Click to read - CFPB TRID Rule Announcement
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