Dear NYMBA Members,

On behalf of our Board of Directors, we are thrilled to share the final results of the 2025 New York State Legislative Session. Our #1 focus, Advocating for New York’s Residential Real Estate Finance Industry, has once again delivered positive results from the current session that ended on June 17th.  

● Session Victory # 1 – New York Land-Home Property Act A7512 Jones/S7120 Ryan. After a 10+ year effort by our Association, aligned sister trade groups, and many others, this bill finally passed both Senate & Assembly on June 11. It now awaits the Governor’s consideration, and she has 10 days following delivery to her desk, to sign. If enacted, this bill will allow manufactured homes to move from a chattel classification and title with the DMV to classification as real property. This change will allow for multiple financing options for consumers, and increased inventory with lending opportunities. 

● Session Victory #2 – Stopping A7546 Lavine/ S6971 Kavanagh. This bill relates to foreclosure and subordinate bonds & notes, and would have had major consequences for loan servicers, including proof of ownership of the chain of loans acquired. While it was defeated in Assembly, we expect this one to return in 2026.  

● Session Victory #3 – Stopping S1169 Gonzalez/A8884 Solages. This legislation broadly relates to the development & use of artificial intelligence (A) and would have had dire consequences when applied to the lending process. For example, the Bill would require lenders to provide an opportunity for borrowers to opt out of the use of AI, which would disrupt the use of established and safe tools deployed in credit reporting, automated underwriting, and home valuation. Defeated in the Assembly, this is another bill we expect to return in 2026.  


Governor’s Enacted Budget Wins:

● Algorithmic Pricing: In the enacted budget financial institutions were exempted from legislation that requires businesses to notify consumers when using algorithms based on personal consumer data and added prohibitions on price discrimination based on consumer data.
● $250 million in capital funding for the Redevelopment of Underutilized Sites for Housing Initiative (NY RUSH). In its second year of implementation, the NY RUSH program will continue to assist State agencies in the repurposing of existing State sites and properties for use as housing.-
● $150 million in new capital for Regional Economic Development Councils (REDCS) to support regional growth that aligns downtown and community revitalization initiatives for a coordinated approach to development. REDC awards may be contingent on certification by the Division of Housing and Community Renewal that the municipality is a certified pro-housing community.
● $200 million for another round of Downtown Revitalization Initiative Funding to be used to transform downtown communities across the State. Communities are nominated by the State’s 10 REDCs based on the downtown’s potential for transformation.  


● Amicus Brief # 1 – The law firm of Friedman Vartolo and lead attorney Steve Vargas are finalizing a brief to the New York Supreme Court regarding the case of US Bank v. Fox and the retroactive application of New York’s Foreclosure Abuse Prevention Act (2022 N.Y. Laws ch. 821, §10) (“FAPA”). We have received support from key associations, and the Brief will be filed on behalf of the NYMBA, AISLE, NYBA, MBA, and ABA. 

● Amicus Brief # 2 – The law firm of Day Pitney and lead attorney Christina Livorsi are finalizing a brief to the New York Court of Appeals regarding the case of US Bank v. Van Dyke and the retroactive application of New York’s Foreclosure Abuse Prevention Act (2022 N.Y. Laws ch. 821, §10) (“FAPA”). We have also received support from key associations and will report more on this brief in the coming weeks. 
The vociferous actions in conjunction with our best-in-class lobbying representatives at Brown & Weinraub Advisors, Inc, and the team at the national MBA in Washington, D.C., help us stand strong, stand together, and achieve results that improve – not harm – our dynamic industry. 

We now split our attention over the next 6 months to strengthen our NYMBA PAC, while focusing on bills that may be reintroduced in 2026, and encouraging members to schedule in-district meetings with your legislators to discuss key bills. Please join us today in our “Drive to $25,000 in 2025” campaign and make a secure, online donation by clicking the link below. Through our continued engagement with the members of the New York legislature, we can further our meaningful communication, and work toward solutions that address objectives, while safeguarding the interests of both the mortgage banking industry and the consumers we serve.  

We are committed to working with you to find a path forward that ensures the stability of the mortgage market and protects the interest of all impacted stakeholders. Thank you for your membership, and we look forward to seeing you soon at Convention 2025, September 15-17 at Turning Stone Resort & Casino in Verona, NY.