On December 28, 2020, New York Governor Andrew M. Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (EEFPA) which became effective immediately. The new law includes separate components...more
Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
8/5/2020
/ Bankers ,
Banks ,
Contract Terms ,
Coronavirus/COVID-19 ,
Credit Unions ,
Federal Credit Unions ,
Financial Institutions ,
Forbearance Agreements ,
Foreign Banks ,
Governor Cuomo ,
Hardship Extensions ,
Investment Property ,
Investment Trust Companies ,
Mortgage Escrow Account ,
Mortgage Interest ,
Mortgage Servicers ,
New Legislation ,
New York ,
NYDFS ,
Private Trust Companies ,
Relief Measures ,
Savings and Loan Companies ,
State and Local Government ,
State Regulators ,
Vacation Homes
On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
6/23/2020
/ Borrowers ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Financial Services ,
Executive Orders ,
Fannie Mae ,
FHA Loans ,
Financial Institutions ,
Forbearance Agreements ,
Freddie Mac ,
Ginnie Mae ,
Governor Cuomo ,
Loan Servicer ,
Loss Mitigation ,
Mortgages ,
New Legislation ,
New York ,
Relief Measures ,
State and Local Government ,
Veterans Administration
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
3/25/2020
/ Banks ,
Borrowers ,
Coronavirus/COVID-19 ,
Credit Card Surcharges ,
Eviction ,
Executive Orders ,
Financial Distress ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Governor Cuomo ,
Moratorium ,
Mortgages ,
NYDFS ,
Overdraft Fees ,
Relief Measures
On Thursday, March 19, 2020, the New York Department of Financial Services (DFS) issued new guidance to New York State Regulated and Exempt Mortgage Servicers regarding support for borrowers impacted by the novel coronavirus...more