New York and the Ever-Changing Foreclosure Landscape

In the first of NYMBA’s Loan Servicing “HOT TOPICS” Webinars, practicing subject matter experts will kick-off this session talking about NY Foreclosures and the Court system, Lack of Standing and the Statute of Limitations, as well as other nuances that have developed in recent months. As we continue to navigate through 2020, arguably one of the most challenging years for our industry and New York, it is important to stay connected and updated on the ever-shifting landscape. NYMBA remains committed to our industry and its members and are pleased to invite you to join in a monthly webinar series, focused on these new developments and emerging trends. We hope you’ll join us.

Please feel free to invite friends and colleagues you think will benefit from the discussion. Please note, registration is required and questions can be submitted in advance of the event.

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OUR PRESENTERS:  

Natalie Grigg head shotNatalie A. Grigg is the Supervising Partner in Woods Oviatt Gilman’s Default Servicing Department, overseeing staff and attorneys, while ensuring compliance with state and federal laws and regulations. Ms. Grigg represents lenders, investors, and servicers in residential mortgage foreclosures, bankruptcy actions, evictions, and related litigation throughout New York State.

Prior to joining Woods Oviatt, Ms. Grigg represented creditors and servicers in contested matters in Chapter 7, Chapter 11, and Chapter 13 bankruptcy proceedings throughout New York State. She has extensive experience with litigated matters within bankruptcy and foreclosure proceedings as well as commercial litigation.

Ms. Grigg received her Juris Doctorate from the University at Buffalo Law School in May 2002 with a concentration in Civil Litigation. She received a Bachelor of Arts degree in Psychology and Legal Studies in February 1999 from the State University of New York at Buffalo.

Bar Admissions
Ms. Grigg is admitted to practice in the State of New York. She also is admitted to practice in the United States District Court for the Western, Eastern, Northern, and Southern Districts of New York as well as the United States Bankruptcy Court for the Western, Eastern, Northern, and Southern Districts of New York.

 

Ryan Hertzel HeadshotRyan E. Hertzel specializes in judicial foreclosure and title clearance in the state of New York. She has been involved in the default servicing industry for more than a decade. Ms. Hertzel received her Juris Doctorate from Albany Law School in 2006 and immediately began working at Schiller & Knapp, LLP.  In 2015 she became a named partner and currently manages the firm’s Foreclosure Department. Ms. Hertzel has an in-depth knowledge and understanding of GSE rules and guidelines as well as FDCPA and CFPB requirements. Her major areas of practice include Creditor’s Rights; Foreclosure, Loss Mitigation and Title.

Bar Admissions
Ms. Hertzel is admitted to practice in the State of New York  and the United States District Court, Northern District of New York.

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FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities have subsequeently been extended until March 31, 2021:

  • Alternative appraisals on purchase and rate term refinance loans;
  • Alternative methods for verifying employment before loan closing;
  • Expanding the use of power of attorney and remote online notarizations to assist with loan closings; and
  • Authority to purchase mortgages in forbearance.
 

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JOIN MAA TODAY!

New York is the financial capital of the country, and as such, should have the highest number of MAA members.  Right now, New York is not the leader in MAA members. New York Real estate finance professionals need to be engaged in a vital way that directly impacts the way you do business.  Whether you’re the CEO, CFO, CIO, Vice-President, Manager, Underwriter, Processor, Closer, QC, Servicer,  in the Secondary Market–YOUR VOICE SHOULD BE HEARD. YOU SHOULD JOIN MAA–TODAY!

Follow this link to complete a simple form.  It asks for your home address to identify your legislative representative, both at the Federal and State levels.

Speak directly with your members of Congress, state legislators and federal regulators about the impact of proposed legislation or regulations with the Mortgage Action Alliance, Inc.® (MAA). This voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association (MBA), is dedicated to strengthening the industry’s voice and lobbying power in Washington, DC and state capitals across America.

Get involved with MAA to play an active role in how laws and regulations that affect the industry and consumers are created and carried out by lobbying and building relationships with policymakers. It only takes a moment to get started, and you do not have to be a member of MBA to enroll.


PAST CALL TO ACTION EVENTS

Tell your Senators to Expand Affordable Homeownership Opportunities and Support Community Revitalization!

Senators Ben Cardin (D-MD) and Rob Portman (R-OH) recently introduced Bill S.98, the Neighborhood Homes Investment Act (NHIA), a bill that would create a new federal tax credit to fuel development. This bipartisan legislation would encourage the rehabilitation of single-family homes and potentially attract $100 billion in development activity to underserved rural and urban communities across the country.

Click HERE to contact your representatives TODAY! It takes just a minute, really!

The NHIA builds on the success of the Low-Income Housing and New Markets Tax Credits, which support affordable rental housing and economic development, respectively, but are not designed to build or rehabilitate owner-occupied homes. Bill S.98 would support the development of homes in rural communities struggling with the costs of new construction, as well as the rehabilitation of homes in blighted communities, where vacant homes depress property values and thwart broader revitalization efforts.

FHA Extends Remote Work Flexibilities for Lenders and Appraisers

In addition to to issuing an extension of FHA’s foreclosure and eviction moratorium for single family homeowners, FHA also announced an extension for remote work flexibilities.

Extensions Through June Provide Peace of Mind to Struggling Homeowners While Supporting New Mortgage
Originations During COVID-19 Recovery

WASHINGTON -5/14/2020  The Federal Housing Administration (FHA) announced an extension of its foreclosure and eviction moratorium through June 30, 2020, for homeowners with FHA-insured Single Family mortgages, while also supporting new FHA-insured mortgage originations through an extension of temporary policy flexibilities for lenders and appraisers. The extensions will support the President’s economic recovery efforts as the Nation continues to work to defeat the COVID-19 invisible enemy.

FHA’s Single Family foreclosure and eviction moratorium extension announced today applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:

  • Halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; and
  • Cease all evictions of persons from FHA-insured Single Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.

Additionally, the Single Family mortgage origination policy extensions announced today allow alternatives for lenders to re-verify a borrower’s employment, and for appraisers to conduct desktop or exterior-only appraisals, to continue through June 30, 2020. These temporary measures allow lenders and appraisers to continue their necessary work for new FHA-insured mortgages in light of social distancing requirements.

“We made it clear at the beginning of this pandemic that no American should have to worry about losing their home amidst a crisis. Today’s announcement ensures that commitment,” said U.S. Department of Housing and Urban Development Secretary Ben Carson. “While we have made great strides in fighting this virus, the fact remains that many Americans are still struggling as we work diligently to get our economy back on sound footing, which I have full confidence we will do through the leadership of the President.”

“For those among the over 8.1 million single family homeowners with FHA-insured mortgages who need assistance, our highest priority is to ensure that they have the time through the foreclosure moratorium, and the assistance they need through special COVID-19 mortgage forbearance, to remain in their homes long-term,” said HUD Deputy Secretary and Federal Housing Commissioner Brian Montgomery. “At the same time, extending our policy flexibilities will ensure that affordable FHA-insured mortgage financing continues to remain available to support first-time and other homebuyers, and the Nation’s housing market.”

Homeowners with FHA-insured mortgages must continue to make their mortgage payments during the foreclosure and eviction moratorium if they are able to do so, or seek mortgage payment forbearance pursuant to the CARES Act from their mortgage servicer, to avoid future foreclosure actions when the moratorium expires.

Pursuant to the CARES Act, FHA requires mortgage servicers to:

  • Offer borrowers with FHA-insured mortgages up to six months or more of delayed mortgage payment forbearance when the borrower requests it. FHA does not require a lump sum payment at the end of the forbearance period.
  • Assess borrowers who receive COVID-19 forbearance for its special COVID-19 National Emergency Standalone Partial Claim before the end of the forbearance period. The COVID-19 National Emergency Standalone Partial Claim puts all deferred mortgage payment amounts owed into a junior lien which is only repaid when the borrower sells the home, refinances the mortgage, or the mortgage is otherwise extinguished.

FHA Press Release 5/14/2020

Foreclosure Prevention & Refinance Report Released

The Foreclosure Prevention & Refinance Report and Federal Property Manager’s Report as of February 2020 has been posted.  This report quantifies the number of foreclosure prevention actions taken by Fannie Mae & Freddie Mac, the Enterprises, year-to-date and cumulative since the beginning of the conservatorships in September 2008.

Issued by FHFA 5/14/2020
Foreclosure Prevention, Refinance and FPM Report – February 2020

April New Home Purchase Mortgage Applications Decreased 12 Percent

WASHINGTON, D.C. (May 14, 2020) — The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2020 shows mortgage applications for new home purchases decreased 12 percent compared from a year ago. Compared to March 2020, applications decreased by 25 percent. This change does not include any adjustment for typical seasonal patterns.

“New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities to help slow the spread of COVID-19. During what’s typically the prime home buying season, activity fell 25 percent from March and decreased 12 percent from a year ago,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “MBA estimates that new home sales dropped to an annualized pace of 533,000 units – the slowest since December 2016. This decline was in line with data from our Weekly Applications Survey, which indicated a pullback in March and most of April.”

Added Kan, “There’s evidence now that unrealized, pent-up demand is being released as states start to reopen. We expect that heading into the summer, more prospective homebuyers will gradually return to the market.”

Source: Adam DeSanctis
Mortgage Bankers Association
adesanctis@mba.org
(202) 557-2727

MEETING THE CHALLENGE WITH 2020 VISION

New York MBA is holding a series of Webinars to engage members, share information and discuss the current lending environment. All members are invited to attend, and all employees of member companies are eligible to attend for free.

Future members are able to attend one complimentary webinar session. Additional sessions can be accessed for a nominal fee. Future members can join New York MBA at any time by going to our membership page or by clicking here.

New York MBA addresses all facets of the real estate finance industry including Branch Licensing, Originations, Processing, Underwriting, Closing, Compliance, and Loan Servicing. In addition to sessions that will address current top-of-mind topics, there will be an ongoing tract of Loan Servicing Webinars that will kick-off on September 23rd at noon with:

New York and the Ever-Changing Foreclosure Landscape

 

New York MBA Executive Board–Working for You!

Steven A. Milner – Founder and CEO of US Mortgage Corporation and NY MBA President, and Jim Bopp,  National Renovation Lending Manager of Platinum Home Mortgage Corporation and NY MBA Immediate Past President shown here with MBA’s President and CEO Bob Broeksmit, CMB at the MBA CEO Listening Tour held last week in Iselin NJ (at the headquarters of Homebridge Financial Services, Inc.).   They were joined by other MBA Senior Staff and industry CEOs and Senior Management for a conversation about mortgage industry business, policy, and hot button topics and how MBA could better serve its membership and the industry as a whole.  Keep an eye our for future MBA and NY MBA strategic plans and initiatives as we head into 2020 and beyond. 

ONE VOICE. ONE VISION. ONE RESOURCE! 

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Already a member of MBA, join New York MBA today!

 

NYMBA meets with Governor Cuomo’s Staff on Manufactured Housing Title Conversion

October 25, 2019:  NYMBA, with other industry professionals, met with the Governor’s staff about the need for titling conversion in New York. Currently, manufactured housing is titled as personal property/chattel and there is no mechanism to convert title to real property. New York is the only state that does not allow for title conversion for manufactured housing.

With over 190,000 manufactured housing units in New York State, primarily located in rural upstate, western New York, and areas of Long Island and Staten Island, manufactured housing remains a source of affordable housing and a means for low and moderate income New Yorkers to establish wealth and financial security.

The Governor’s staff was very receptive to having a process for title conversion as it benefits many New Yorkers around the state and we look forward to continuing the conversation.