MBA Submits Comment Letter on CFPB RFI on Civil Investigative Demands

helm on April 26, 2018

On Apr. 26, MBA submitted comments on the Consumer Financial Protection Bureau’s Request for Information on Civil Investigative Demands. MBA’s comments communicated many of the industry’s concerns with the CID process. In addition to offering comments related to the CID process, MBA reiterated its support for a broad reexamination of Bureau practices as detailed in MBA’s CFPB 2.0: Advancing Consumer Protection white paper.

CIDs are used by the Bureau to request information that may be relevant to a potential violation of consumer financial protection law. Responding to a CID is a very burdensome process that can involve significant resources and reputational harm. The letter describes aspects of the current CID process that are unfair, including the overly broad notification of purpose statements, the low threshold of initiating an investigation, the inadequate CID challenge process, and the unrealistic timelines. These and other aspects of the current CID process contribute to an imbalance between the Bureau and CID recipient that’s contrary to due process protections. The comment letter offers suggestions to correct this imbalance in a way that recognizes the costs and reputational risks to CID recipients.

Source and for more information please contact Justin Wiseman at (202) 557-2854 jwiseman@mba.org; or Blake Chavis at (202) 557-2930 bchavis@mba.org.

2018 NYMBA Convention–It’s a Wrap!

helm on April 12, 2018

We had a great event at the 2018 “Exceeding the Vision” Annual Convention!  Great speakers, relevant topics and prime networking opportunities.  Check it out–we had a blast!

Click here to see some highlights of the 2018 Convention in Albany.

Join Mortgage Action Alliance

helm on March 1, 2018

MAA Video

The Mortgage Action Alliance (MAA) is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association. MAA 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.

JOIN

ADVOCACY EFFORTS

helm on February 1, 2018

NYMBA’s Legislative Committee continuously monitors state and national bills related to the real estate finance industry.

If you’re not a member of Mortgage Action Alliance, you’re missing out on an opportunity to participate in the law making process and have your voice heard!

The Mortgage Action Alliance (MAA) is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association (MBA). MAA is dedicated to strengthening the industry’s voice and lobbying power in Washington, DC and state capitals across America.

For more information click here, to join MAA–click here.

“MAKING A DIFFERENCE TOGETHER”

National Advocacy Conference, Washington D.C.  April 2018

NYMBA Advocacy Day Conference, Albany, NY  February 2018

  • Learn about proposed legislation that impacts the way you do business
  • Learn how to effectively discuss legislation with Legislators
  • Join a group discussion with members of the State Legislature

Be a part of shaping the future of your business!
Your involvement can make a difference!

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2018 Membership Renewal

helm on January 1, 2018

NYMBA membership is from January-December.  Keeping your membership up-to-date is important to the association and to your business.  Take the time now to renew your NYMBA membership today!

NYSDFS PROPOSED RULE COULD DAMAGE NEW YORK’S HOUSING MARKET

helm on November 20, 2017

On November 20, 2017, the New York Mortgage Bankers Association and the Mortgage Bankers Association (MBA) submitted joint comments to the New York State Department of Financial Services regarding a Department’s proposed rule, giving them broad enforcement authority over credit reporting agencies. The rule gives the Department the ability to refuse to renew, suspend or revoke the registration of a credit reporting agency, including any of the three nationwide credit reporting agencies. Should the Department take one of these actions against a nationwide CRA, borrowers in New York State would be unable to obtain a tri-merged credit report, a requirement for FHA, VA, USDA, Fannie Mae and Freddie Mac financing.  New York borrowers moving to other states would also be impacted. To view the proposed rule and the NYMBA/MBA comments, click on the following links:
PROPOSED RULE
NYMBA/MBA COMMENTS

CFPB ISSUES TRID AMENDMENTS FINAL RULE

helm on July 7, 2017

On July 7, 2017, the CFPB published “Updates to [the] ‘Know Before You Owe’ Mortgage Disclosure Rule,” to provide more clarity and greater certainty, as well as include technical corrections and amendments. The 560 page document includes:

  • Changes to the assistance loan exemption
  • Expansion of the KBYO/TRID rule for loans on cooperatives
  • Total of Payments calculations and related tolerances
  • The use of informational Loan Estimates
  • Clarifications regarding the Written List of Providers
  • Greater clarity for sharing information among settlement service providers
  • Changes regarding Construction Loans and Calculating Cash to Close
  • and moreFor a copy of the rule, click HERE

NY FIRST HOME BILL PASSES

helm on June 26, 2017

The NY First Home bill A5616/S4058 passed both the New York State Assembly and Senate before the end of the 2017 legislative session.  The legislation would allow individuals to deposit up to $5,000 per year ($10,000 for couples)  of after-tax dollars into a tax-free savings account, to pay for the down payment and closing costs,  in the case of a first-time homebuyer.  In addition, the principal amount would be treated as a state income tax deduction.  To view the legislation, click HERE.

NY STATE LEGISLATURE PASSES BILL TO ADDRESS VACANT AND ABANDONED PROPERTIES

helm on June 19, 2017

In the early morning hours Saturday, June 18, 2016, the NY State Legislature passed S8159, a bill that would require servicers to maintain vacant and abandoned property that they do not own, for the many years that a foreclosure takes in the state of New York. Federally and state chartered depositories are exempt from the requirement if they either originate, own, service, or maintain their mortgages, or a portion thereof; and have less than 3/10 of 1% of the total loans in the state which they either originate, own, service or maintain.
Lenders/servicers will be required to inspect properties within 90 days of delinquency to determine delinquency, and continue to inspect every 25-30 days. Within 7 days of determining the property is vacant, the lender/servicer must post a notice on the property stating that they are maintaining the property, and provide a phone number to call. If there is no response from the borrower within 7 calendar days of posting, the lender servicer must secure and begin maintaining the property. The lender/servicer may not remove any of the borrower’s personal property. There is a $500 per day fine for non-compliance.

The legislation also includes: a requirement to notify delinquent borrowers that they may stay in the property throughout the foreclosure process; a requirement for the NYSDFS to publish a Consumer Bill of Rights; a requirement for a lender/servicer who acquires a property through a judgment of foreclosure to place a property back on the market for sale within 180 days of the deed of sale or within 90 days of renovation of the property, whichever occurs first; extension of ” workout” options in the mandatory settlement conference; an expedited foreclosure process for vacant and abandoned property, if the borrowers fails to appear at the mandatory settlement conference; and technical changes to the STAR Personal Income Tax Credit.

For full text of the bill, click HERE.

CFPB PUBLISHES PROPOSED HMDA RULE

helm on April 14, 2017

CLARIFICATIONS AND CORRECTIONS

On April 13, 2017 CFPD Director Richard Cordray signed a proposed rule to make a number of clarifications, corrections, and changes to the revised HMDA regulation. The proposal also establishes transition rules for reporting certain loans purchased by financial institutions and includes additional information about reporting the census tract of a property using a new geo-coding tool the CFPB plans to provide online. To obtain a copy of the proposal, click HERE.