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…

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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.

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Albany skyline summer

AMC Licensing moves forward

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.

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Federal Regulatory Relief Legislation a Reality

May 24, 2018:  President Trump signed S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The full House passed the bill earlier in the week by a vote of 258-159. This legislation is unchanged from that which passed the Senate in March by a filibuster-proof bipartisan margin of 67-31. This legislation contains a number of MBA-supported provisions, such as: SAFE Act amendments to provide 120 days of transitional authority for MLOs to originate when leaving a depository to join a sponsoring non-bank (or when crossing…

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Trump approves Regulatory Relief Legislation

Regulatory Relief Legislation receives Trumps approval May 24, 2018:  President Trump signed S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The full House passed the bill earlier in the week by a vote of 258-159. This legislation is unchanged from that which passed the Senate in March by a filibuster-proof bipartisan margin of 67-31. This legislation contains a number of MBA-supported provisions, such as: SAFE Act amendments to provide 120 days of transitional authority for MLOs to originate when leaving a depository to join a sponsoring…

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Senate Approves Montgomery as FHA Commissioner

Finally, the Trump Administration has an FHA Commissioner. By a comfortable 74-23 vote yesterday, the Senate approved Brian Montgomery as Assistant Secretary for Housing and FHA Commissioner, ending a nine-month process that saw his nomination repeatedly held up by Senate rules and a backlog of other Trump Administration nominations. Twenty-five Democrats joined 49 Republicans in approving Montgomery. The Mortgage Bankers Association and other industry trade groups had pushed hard for Montgomery’s approval. Following yesterday’s vote, MBA President and CEO David H. Stevens, CMB, issued a…

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NYMBA Talks to Congress

NYMBA members from across the country came went to Washington last week for the 2018 National Advocacy Conference to meet with elected officials and policymakers on behalf of the real estate finance industry. Nearly 400 industry advocates from more than 40 states attended the MBA National Advocacy Conference last week. The program featured a slate of congressional and administration speakers, including Senate Banking Committee Chairman Mike Crapo, R-Idaho; HUD Deputy Secretary Pamela Patenaude; Sen. Bob Menendez, D-N.J., and House Financial Services Committee members French Hill,…

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Clearer Ruling is Good News, Borrowers / Lenders

The Bureau of Consumer Financial Protection (Bureau) is amending Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) that are implemented in Regulation Z. The amendments relate to when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith. The TILA-RESPA Rule requires creditors to provide consumers with good…

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