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New York Laws Require Forbearance for Private Mortgage Loans During COVID Emergency

July 3, 2020 By Nanci Weissgold

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 […]

Filed Under: Consumer Loan, Mortgage Loans, Mortgage Servicing, State Law Tagged With: #NYDFS, Covid-19, Forbearance, Mortgage Servicing

Federal and State Guidance Regarding the COVID-19 Pandemic

March 22, 2020 By Consumer Finance Team

A&B Abstract: The Alston & Bird Consumer Finance team recognizes that this is a period of great uncertainty both for the nation and our clients. We have received numerous questions and concerns regarding what federal and state regulators are doing in light of the COVID-19 pandemic and how their response may affect day-to-day business. We […]

Filed Under: Debt Collection, Department of Housing and Urban Development (HUD), Fair Credit Reporting Act (FCRA), HUD, Licensing, Mortgage Loans, Mortgage Servicing, State Law, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #NYDFS, Covid-19, HUD, licensing, MLO, Mortgage Servicing, Servicing

New York Financial Regulator Requires COVID-19 Risk Assessment, Operational Planning

March 19, 2020 By Amy Mushahwar and Consumer Finance Team

Last week the New York Department of Financial Services (the “Department”) issued letters to all its licensed financial institutions. Based on these letters (available here and here), all Department licensees must assess and plan for the financial risk of COVID-19 and, separately, develop operational plans for managing their response to the virus. The Department requires written responses “as […]

Filed Under: Licensing, Mortgage Loans, State Law Tagged With: #NYDFS, Covid-19

NYDFS Extends Transition Period for Part 419 Compliance by Additional 90 Days

March 16, 2020 By Anoush Garakani

On March 13, 2020, the New York Department of Financial Services (“NYDFS”) adopted, on an emergency basis, amendments (the “Emergency Adoption”) to the final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations (the “Final Rules”), to extend the transition period for compliance with the Final Rules by an additional 90 […]

Filed Under: Consumer Loan, Mortgage Loans, Mortgage Servicing Tagged With: #NYDFS, #Part419, HELOC, Mortgage Servicing, Servicing

New York Proposes Licensing Consumer Debt Collectors

February 7, 2020 By Consumer Finance Team

A&B ABstract:  On January 21, 2020, New York Governor Andrew Cuomo proposed a measure to license consumer debt collectors as part of his budget bill. If enacted, the measure would require any person acting as a “consumer debt collector” in New York to obtain a license from the New York Banking Superintendent. Effective October 1, […]

Filed Under: Debt Collection, Licensing, State Law Tagged With: #NYDFS

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