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New York State Revises Restrictive HECM Foreclosure Law

February 11, 2021 By Stephen Ornstein

A&B ABstract On December 15, 2020, New York State enacted legislation amending the New York Real Property Law that would have placed various restrictions and requirements on the servicing of Home Equity Conversion Mortgages secured by New York properties effective as of April 14, 2021 (the “Foreclosure Law”).  The new law would significantly hinder a […]

Filed Under: Mortgage Loans, State Law Tagged With: #HECM

New York Enacts HECM Law

January 9, 2020 By Nanci Weissgold

A&B ABstract: Effective March 5, 2020, New York Assembly Bill 5626 (“AB 5626”) regulates the origination and servicing of the federal U.S. Department of Housing and Urban Development (“HUD”) home equity conversion mortgages (“HECMs”). Significant Impact to Mortgage Lenders and Servicers With the stated purpose of providing “new regulations on reverse mortgage products pertaining to […]

Filed Under: Mortgage Loans, Reverse Mortgages, State Law Tagged With: #A5626, #HECM

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