News & Analysis as of

Department of Financial Services Mortgages

Harris Beach PLLC

New York State Addresses Residential Mortgage Forbearance Procedures

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Newly enacted Banking Law 9-x, signed by New York Gov. Andrew Cuomo on June 17, 2020, provides certain financial institutions with a directive to address mortgage forbearances and repayment of deferred amounts granted during...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

McGlinchey Stafford on

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

Carlton Fields

Financial Services & Title Insurance Update: Week Ending March 1, 2019

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Financial Services Update - FDCPA: no liability for a debt collector that provides the name of the hospital, the account number, patient name, date of service, and amount of debt, but who fails to include the word "creditor"...more

Goodwin

Financial Services Weekly News - July 2016

Goodwin on

Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more

Goodwin

New York Department of Financial Services Plans to Expand Investigation of Nonbank Mortgage Servicers

Goodwin on

In a speech delivered to the Mortgage Bankers Association 2014 National Secondary Market Conference, Benjamin M. Lawsky, Superintendent of New York’s Department of Financial Services, targeted nonbank mortgage servicers with...more

Ballard Spahr LLP

The NY DFS, the NY Attorney General and the CFPB: What’s in store for the CFS industry

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Wednesday night , Joy Feigenbaum , the New York Department of Financial Services’ (“DFS”) executive deputy superintendent, and Jane Aziza, the Chief of the Bureau of Consumer Frauds and Protection at the New York Attorney...more

Ballard Spahr LLP

N.Y. Department of Financial Services Amends Terms Governing Subprime Loans

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The New York Department of Financial Services (DFS) has amended certain terms governing subprime loans under Part 43 of the General Regulations of the Superintendent. The amendment was adopted on March 19, 2014, and is...more

Ballard Spahr LLP

NY Issues Shared Appreciation Mortgage Proposal for Underwater Borrowers

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New York's Department of Financial Services (DFS) has issued proposed regulations that authorize shared appreciation mortgages (SAMs) to be made to borrowers who are "underwater" on their mortgages. Under a SAM, the mortgage...more

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