Several industry updates that affect manufactured housing either take effect October 1, 2020, or will be unveiled sometime later this month. Detailed below is a summary of recent developments....more
10/2/2020
/ Borrowers ,
Building Codes ,
Consumer Financial Products ,
HUD ,
International Chamber of Commerce (ICC) ,
Lenders ,
Manufactured Housing ,
Maryland ,
Mobile Homes ,
Mortgage Loan Originators ,
New Legislation ,
Notice Requirements ,
Preemption ,
Repossess ,
Safety Standards ,
State and Local Government ,
Truth in Lending Act (TILA)
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