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  • 10 May 2021 8:39 AM | Edith Tella (Administrator)

    Ridgewood Savings Bank (“Ridgewood”) has created a new mortgage product, Good Move Plus, that will be of interest to Brokers, Mortgage Brokers, and Mortgage Bankers, as well as their Realtors, accountants, and financial planner client’s customers. Making this product available for our Broker clients to offer, allows them to compete with lenders offering HomeReady or FHA loans. When comparing these two products to Good Move Plus, it is evident of the many key features of Good Move Plus that benefit a borrower; but also, the concept behind this new and valuable product is to help eligible low-to-moderate-income (LMI) people qualify for a mortgage and provide financial assistance to cover some of the upfront costs. This is especially important for those seeking to purchase or refinance a home now.

    Full Article CLICK HERE

  • 31 Mar 2021 2:48 PM | Edith Tella (Administrator)

    FOR IMMEDIATE RELEASE: March 31, 2021
    MEDIA CONTACT: Office of Communications
    Tel: (202) 435-7170

    CFPB Rescinds Temporary Policy Statements to Ensure Industry Complies with Consumer Protection Laws

    WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal and regulatory obligations. With the rescissions, the CFPB is providing notice that it intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act. The CFPB is also rescinding its 2018 bulletin on supervisory communications and replacing it with a revised bulletin describing its use of matters requiring attention (MRAs) to effectively convey supervisory expectations.

    Click Here for Full Release


  • 09 Mar 2021 8:30 PM | Edith Tella (Administrator)

    The New York State Department of Financial Services (“DFS”) today issued the following industry letter to all of its regulated entities following the recent discovery of cybersecurity vulnerabilities in Microsoft Exchange Server. 

    Read Full Industry Letter

  • 09 Mar 2021 7:00 PM | Edith Tella (Administrator)

    WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.

    Read Full Press Release

  • 08 Mar 2021 3:08 PM | Edith Tella (Administrator)

    Article written by: New Jersey based Mortgage Expert, Michael Mikhail, CEO of Stratton Equities, reviews Hard Money and Fix & Flip Loans Programs

    Regardless of the type of investor you are and your loan scenario, there is an array of loan programs that are designed to meet all your mortgage needs.

    Hard Money and Fix & Flip Loans are among the most popular programs that investors utilize for their real estate investments. Although, they are two different programs, many in and outside the industry believe them to be the same loan…but this is the furthest thing from the truth.

    Read Full Article




  • 25 Aug 2020 10:09 AM | Edith Tella (Administrator)

    Below is a link to the new form that will be rolled out to simplify the branch licensing process. Effective with applications submitted through NMLS beginning August 25, entities can use this form. Note that the NMLS checklist has been submitted for update, however, it may not be completed by August 25, 2020. 

    The New Checklist once posted will require the submission of the attached form and the previously required Out of State Branch Location.

    Branch Office Affirmation

    Department of Financial Services
     ###


  • 08 Jun 2020 5:28 PM | Edith Tella (Administrator)

    The deadline for filing the annual 2019 Volume of Operations Report (“VOOR”) is June 30, 2020 . The Department does not intend to extend this deadline of June 30, 2020.

    This is the link to access the 2019 VOOR https://myportal.dfs.ny.gov/

    Kindly note, submission of the Mortgage Call Report (“MCR”) does not replace the annual VOOR filing requirement.

    Please review the Industry letter CLICK HERE



  • 06 May 2020 8:49 AM | Edith Tella (Administrator)

    Attention NYAMB Members:

    Please review the changes to the Fannie Mae underwriting guidelines that our lenders are being required to implement during the COVID19 crisis and possibly for sometime beyond. Please have all your loan officers read this and make any changes necessary to your loan application processes immediately.  

    CLICK HERE for Fannie Mae Letter



  • 24 Apr 2020 8:45 PM | Edith Tella (Administrator)

    Re: Filing of the 2019 Volume of Operations Report (“VOOR”)

    Effective with the 2019 Volume of Operations Report (“VOOR”), the New York State Department of Financial Services (the “Department”) will no longer send letters containing temporary passwords to registered mortgage brokers (“Registrant”) or licensed mortgage bankers (“Licensee”) to facilitate the annual VOOR filing requirements. Licensees and Registrants will be required to establish an account through the Department’s online encrypted portal in order to gain access and electronically file the 2019 VOOR.

    Click Here for Full Notice 


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Industry News & Updates

New York Association of Mortgage Brokers
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