The NY First Home bill A5616/S4058 passed both the New York State Assembly and Senate before the end of the 2017 legislative session.  The legislation would allow individuals to deposit up to $5,000 per year ($10,000 for couples)  of after-tax dollars into a tax-free savings account, to pay for the down payment and closing costs,  in the case of a first-time homebuyer.  In addition, the principal amount would be treated as a state income tax deduction.  To view the legislation, click HERE.

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In the early morning hours Saturday, June 18, 2016, the NY State Legislature passed S8159, a bill that would require servicers to maintain vacant and abandoned property that they do not own, for the many years that a foreclosure takes in the state of New York. Federally and state chartered depositories are exempt from the requirement if they either originate, own, service, or maintain their mortgages, or a portion thereof; and have less than 3/10 of 1% of the total loans in the state which they…

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Join a Committee

Join a NYMBA Committee: Legislative Committee   Discuss pending legislation that affects your industry. Talk about where the committee stands on passage or defeat of legislation. CMB Committee Are you a CMB? Would you like to help others become a CMB? Convention Committee     Assist in the planning and marketing of the annual convention. Education Committee     Discuss and recommend topics for educational events that you would like to see the association address in the form of either webinars or live events. Membership Committee   We’re growing, and we…

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