The New York Department of Financial Services (DFS) recently extended for 90 days its emergency rule adjusting the criteria for determining when a Federal Housing Administration (FHA) mortgage loan is classified as subprime....more
The New York Assembly recently passed a bill that would result in fewer FHA loans being classified as “subprime” under Section 6-M of the New York Banking Law. ...more
Wells Fargo has announced that it plans to begin originating FHA-backed loans for borrowers with credit scores as low as 600. This new cut-off is 40 points below Wells Fargo’s current floor, and 20 points below what has...more
On September 30, 2013, the New York Department of Financial Services (DFS) adopted emergency regulations revising the calculation for subprime loans and sent a letter to supervised institutions explaining the revisions. ...more
On August 30, 2013, the New York Department of Financial Services (DFS) issued a second order extending the time period for excluding revised mortgage insurance premiums from subprime loan calculations....more