Senate and Assembly approve State AMC Licensing Bill–Awaiting Governor Cuomo’s signature June 21, 2018: Both branches of the NYS Legislature approved the long sought after AMC licensing bill, as required by Dodd-Frank. When approved, all 50 states will be compliant by having passed legislation that establishes guidelines for Appraisal Management Companies, a federal mandate effective August 2018.
NYS puts new regulation in place to protect consumers in the event of security breaches with the large credit reporting agencies.
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…
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.
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.