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Mortgages › NYDFS

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Orrick, Herrington & Sutcliffe LLP

NYDFS releases guidance on risk management

Orrick, Herrington & Sutcliffe LLP on

On December 21, 2023, NYDFS released guidance for managing significant financial and operational risks associated with climate change for New York State-regulated banking and mortgage institutions. The guidance emphasized the...more

Mayer Brown

NYDFS Finalizes Climate Risk Management Guidance

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On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and...more

Alston & Bird

New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options

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A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law....more

Locke Lord LLP

New York Opens Significant New ‎Lending Market by Authorizing Reverse Mortgages Secured ‎by ‎Co-Op Apartments‎

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The law does not take effect until mid-2022 and is subject to regulations to be promulgated by the ‎New ‎York Department of Financial Services. ‎ On December 1, 2021, New York Governor Kathy Hochul signed into law a bill...more

Ballard Spahr LLP

New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA...

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Expansion of CRA coverage. On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage...more

Troutman Pepper

NYDFS Issues Industry Letter on Preventing Sexual Orientation Discrimination in Mortgage Lending

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On August 31, the New York Department of Financial Services (DFS) issued an industry letter to all supervised mortgage lending institutions and their affiliates on preventing sexual orientation discrimination in mortgage...more

Morrison & Foerster LLP

Financial Services Report - Summer 2021

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As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

Hinshaw & Culbertson - Consumer Crossroads

Cybersecurity Compliance Emphasized at MBA's Legal Issues and Regulatory Compliance Conference

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With cybersecurity legislation and regulation sweeping the country in response to a series of high-profile hacking and ransomware attacks, it was little surprise that cybersecurity was a topic at the recently concluded...more

Harris Beach PLLC

New York State Addresses Residential Mortgage Forbearance Procedures - Update

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Update: As noted, New York State enacted Banking Law §9-x on June 17, 2020 as a means of providing forbearance relief to mortgagors that were experiencing financial hardship as a result of the COVID-19 pandemic. Recently,...more

Harris Beach PLLC

When in Doubt, Report Cybersecurity Events

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The New York State Department of Financial Services (DFS) announced the $1.5 million settlement of its investigation of Residential Mortgage Services (RMS) surrounding the unauthorized access to an email account which...more

Ballard Spahr LLP

New York Department of Financial Services Announces Fair Lending Agreement With Nonbank Mortgage Lender and Releases Redlining...

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The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more

Ballard Spahr LLP

New York Dept. of Financial Services announces fair lending agreement with nonbank mortgage lender and releases redlining report

Ballard Spahr LLP on

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more

Hinshaw & Culbertson - Consumer Crossroads

Following Fair Lending Investigation, NYS DFS Issues Report, Recommendations, and Mortgage Lender Best Practices

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The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a...more

Locke Lord LLP

New York to Impose New Foreclosure, Loss Mitigation, and Reporting Requirements for Home Equity Conversion Mortgages

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On December 15, 2020, New York Governor Andrew Cuomo signed into law Senate Bill 4408, which amends the Real Property Law by adding a new section 280-d. The amendment will become effective on April 14, 2021, and the...more

Ballard Spahr LLP

NYDFS Publishes Guidance to NY State Regulated Mortgage Lenders and Servicers Relating to Fees Paid to Register Mortgages in...

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On September 1, 2020 the NYDFS published Industry Guidance to the Chief Executive Officers or Equivalents or New York Regulated Mortgage Lenders and Services regarding the unlawful pass through to the mortgagor (“Borrower”)...more

Holland & Knight LLP

The RESPONSE: Federal and State Actions Affecting the Financial Services Industry - Edition 11

Holland & Knight LLP on

Like our clients, Holland & Knight's Financial Services Industry Group is committed to actively contributing to our nation's response to the coronavirus (COVID-19) pandemic and related economic fallout and recovery efforts. ...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During the Coronavirus Pandemic: Tips for Negotiating Forbearance Agreements

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In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into. A forbearance agreement can benefit both...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

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The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

Bond Schoeneck & King PLLC

Emergency Requirements for Residential Mortgage Forbearance and Elimination of Fees

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On March 24, 2020, the New York State Department of Financial Services issued an emergency regulation detailing the requirements applicable to New York State regulated institutions to provide certain financial relief during...more

Ballard Spahr LLP

NYDFS Emergency Regulations Require 90-Day Mortgage Forbearance, Waiver Of ATM, Overdraft, Credit Card Late Fees For Borrowers...

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In response to New York Governor Cuomo’s Executive Order 202.9 issued on March 21, the New York Department of Financial Services (DFS) has adopted new regulations to provide emergency relief to individuals who can demonstrate...more

Ballard Spahr LLP

NYDFS Adopts Emergency Regulation Requiring COVID-19 Mortgage Loan Forbearance

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On March 24, 2020 the New York State Department of Financial Services (NYDFS) adopted on an emergency basis a regulation that requires New York-regulated banking organizations and New York-regulated mortgage servicers subject...more

Cole Schotz

COVID – 19 Update: New York Residential Mortgage And Other Banking Relief

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On March 21st New York Governor Andrew Cuomo issued an executive order which seeks to protect individuals who experience financial hardship as a result of the COVID-19 pandemic. The executive order does the following: 1....more

McGlinchey Stafford

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

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On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more

Chartwell Law

In the Face of the COVID-19 Pandemic's Impact on Business and Policyholders, the New York Department of Financial Services Sets...

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The World Health Organization’s (“WHO”) formal declaration that the spread of the novel coronavirus COVID-19 is now a pandemic, accompanied by the United States’ Federal Government and individual states’ “state of emergency”...more

Spilman Thomas & Battle, PLLC

Loans in the Time of COVID-19

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No one can predict all the effects of the pandemic on the borrower/lender relationship, but some of those effects will be severe. Both parties place a high value on predictability in their dealings. A borrower must know that...more

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