New York passed a bill requiring an “availability of loan counseling disclosure” (Disclosure) be provided for loans guaranteed under the Servicemen’s Readjustment Act of 1944.
New York passed a bill prohibiting discrimination based on citizenship or immigration status. Under the bill, a lender may not discriminate against an applicant or
New York issued guidance regarding discontinued publication of Primary Mortgage Market Survey (PMMS) rate for 5/1 adjustable rate mortgage loans (ARMS). Under New York Banking
New York passed a bill prohibiting discrimination against victims of domestic violence. Under the bill, a lender may not discriminate against an applicant or borrower
New York passed a bill amending the single point of contact requirement for borrowers pursuing a loan modification or other foreclosure prevention alternative in connection
New York passed a bill enacting provisions with respect to reverse cooperative apartment unit loans. The provisions apply to reverse mortgage loans secured by a
New York passed a bill authorizing electronic notarizations and establishing requirements for the performance of electronic notarizations. An electronic notarization is a notarial act performed
New York passed a bill requiring lenders and servicers to designate a single point of contact for borrowers pursuing a loan modification or other foreclosure
New York passed a bill requiring banks and trust companies to provide a written notification prior to establishing an alternative payment schedule for an existing
New York passed a bill repealing certain exemptions for reverse mortgages under the state’s foreclosure laws. Under existing law, reverse mortgage transactions are exempt from
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
FHA issued Mortgagee Letter 2024-20 implementing Federal Flood Risk Management Standards for new construction properties located in Special Flood Hazard Areas. On April 23, 2024,
Fannie Mae issued Selling Guide Announcement SEL-2024-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to leasehold estates
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