A&B Abstract: New York is one of the first states that enacted laws requiring consumer-style disclosures for commercial financing transactions (the “New York Law”). Previously, the New York Department of Financial Services (“NYDFS”) issued guidance stating that compliance with the requirements would be delayed until it issued final implementing regulations. Those final regulations were published […]
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New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options
A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law. The Act is signifcant because it reverses judicial precedent that permitted a lender, after default, to undo the acceleration of a mortgage and stop the running of […]
NYDFS Reports Major Cybersecurity Settlement
In early March, the New York Department of Financial Services (NYDFS) announced a settlement involving a $1.5M penalty and mandatory remediation in response to a mortgage lender’s alleged failure to report a cyber breach, and other alleged cybersecurity failures. This enforcement action marks the second public enforcement action under 23 NYCRR Part 500 (the “Cybersecurity Regulation”) (see […]
NYDFS Issues Guidance to Mortgage Servicers Regarding Assessment of Registration Fees
A&B ABstract: On September 1, 2020, the Deputy Superintendent of the New York Department of Financial Services (“NYDFS”), issued guidance (the “Guidance”) to New York State regulated mortgage lenders and servicers (collectively referred to as “Servicers”) regarding fees paid to register mortgages in default. The Guidance reminds Servicers of the restrictions on fees and charges […]
New York Laws Require Forbearance for Private Mortgage Loans During COVID Emergency
A&B ABstract On June 17, 2020, New York Governor Andrew Cuomo signed into law two measures, effective immediately, providing for mortgage forbearances for privately backed residential mortgage loans during the COVID-19 emergency. Senate Bill 8243 (2020 N. Y. Laws 112) amends the N. Y. Banking Law by adding new Section 9-x, “Mortgage Forbearance.” Senate Bill […]