Credit Reporting Agency Registry in NY
NYS puts new regulation in place to protect consumers in the event of security breaches with the large credit reporting agencies.
Manufactured Housing Title Conversion
To help ensure that affordable mortgage financing remains a viable option for manufactured home owners in New York, NYMBA supports proposed legislation, S6277A, which makes necessary changes to state law that allow lenders to comply with secondary and investor requirements. Jeff Barringer and Marc Lifset of McGlinchey Stafford, New York MBA members, helped to craft the language in the bill that received Legislature approval.
While many manufactured homes are financed as personal property, the ability to finance land and a manufactured home with a mortgage is an attractive option for many homeowners seeking more favorable financing terms. Without the support and involvement of investors such as Freddie Mac, the availability of Land-Home Mortgages is limited.
Currently, in forty-four (44) states, a certificate of title establishes ownership of, and perfection of a security interest in, a manufactured home. All but New York also provide a formal statutory procedure for electing to convey and encumber a home as real property. Satisfying this conversion procedure legally converts the home to real property for all purposes.
DFS listens to New York MBA
Peter Dean, Executive Deputy Superintendent and Rholda Rickets, Deputy Superintendent of New York State Department of Financial Services met with New York MBA Executive Board members regarding Federal legislation mandating Temporary Authority for Loan Officers; the new state regulation mandating Credit Reporting Agency Registry and proposed Online Notarization.
FHA Lender Roundtable
July 19, 2018: Philadelphia Homeownership Center of U.S. Dept. of HUD came to New York to listen to lenders, provide updates, and share ideas to benefit FHA borrowers, homeowners and lenders.
Julie Shaffer, Director HUD’s Philadephia HOC
and James Bopp, New York MBA President.
