New York Financial Regulator Extends Subprime Calculation Temporary Order

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On August 30, the New York Department of Financial Services extended through September 30, 2013 a temporary order directing New York lenders to disregard the mortgage insurance premium changes effectuated by HUD Mortgagee Letter 2013-04 when calculating APR and fully-indexed rates for purposes of determining whether a loan is a “subprime home loan” under the New York Banking Law.

Topics:  Financial Regulatory Reform, Financial Services Authority, HUD, Loans, Mortgages, Subprime Mortgages

Published In: Finance & Banking Updates, Insurance Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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