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
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https://www.governor.ny.gov/news/governor-cuomo-announces-new-covid-rental-assistance-program

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

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

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 

​Washington, D.C. – To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises).

“We are focused on keeping the mortgage market working for current and future homeowners during these challenging times," said Director Mark Calabria. “Purchases of these previously ineligible loans will help provide liquidity to mortgage markets and allow originators to keep lending."

Click Here to Access Full News Release

​Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced the alignment of Fannie Mae's and Freddie Mac's (the Enterprises) policies regarding servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans. Once a servicer has advanced four months of missed payments on a loan, it will have no further obligation to advance scheduled payments. This applies to all Enterprise servicers regardless of type or size.  

Click Here for Entire News Release from FHFA

Volume of Operations Report  (VOOR) 

Pursuant to §597 of the New York Banking Law, licensed mortgage bankers and registered mortgage brokers are required to file a Volume of Operations Report (VOOR) annually. 

2019 Volume of Operations 
Report FILING DELAY 
NOTIFICATION 

Pursuant to §597 of the New York Banking Law, licensed mortgage bankers and registered mortgage brokers are required to file a Volume of Operations Report 

(“VOOR”) annually. 

Kindly note, the 2019 VOOR filing period is expected to begin May 4, 2020. The Department will be sending out information to regulated entities regarding the revised VOOR filing process. 

To:  Regulated Mortgage Companies

Based on the Governor’s mandate regarding non-essential state employees, the New York State Department of Financial Services (the “Department”) is currently operating remotely.

To minimize the impact our remote operations may have on the ability of licensed mortgage loan originators (“MLOs”) to comply with bond requirements, effective immediately and until further notice, the Department will accept MLO Individual and Originating Entity bond and bond related documentation electronically.

Going forward, in addition to mailing original documents to the Department as required, regulated entities can submit MLO Surety Bond(s) and bond related document electronically to MLOSURETYBOND@dfs.ny.gov.  The subject line of the email should include the name and NMLS number of the MLO for whom the information is being submitted.  The body of the e-mail should contain your name and contact information, as well as the specifics relating to the nature and reason for your submission.  For Originating Entity bonds, sponsors must include specific details in the email regarding the purpose for which the bond or certification documents are being provided.

New York State Department of Financial Services

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FOR IMMEDIATE RELEASE:
April 1, 2020

MEDIA CONTACT:
Office of Communications
Tel: (202) 435-7170

CFPB ISSUES CREDIT REPORTING GUIDANCE DURING COVID-19 PANDEMIC

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic.  In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments.  The Bureau’s statement underscores that consumers benefit if lenders report accurate information about these arrangements to credit bureaus so that the credit reports of consumers are accurate.

“During this time of uncertainty, we are providing clarity to ensure the consumer reporting industry can continue to function,” said Director Kraninger.  “Consumers rely on their credit report to purchase a new car, their new home, or to finance their college education.  An effective consumer reporting system is critical in promoting fair and efficient access to credit in the consumer financial services market.”

As lenders continue to offer struggling borrowers payment accommodations, Congress last week passed the CARES Act.  The Act requires lenders to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic.  The Bureau’s statement informs lenders they must comply with the CARES Act.  The Bureau’s statement also encourages lenders to continue to voluntarily provide payment relief to consumers and to report accurate information to credit bureaus relating to this relief.  The continuation of reporting such accurate payment information produces substantial benefits for consumers, users of consumer reports, and the economy as a whole.

In addition, in response to staffing and resources constraints on lenders and credit bureaus due to the pandemic, the Bureau’s statement also provides flexibility for lenders and credit bureaus in the time they take to investigate disputes.   The Bureau specifically states that it does not intend to cite in an examination or bring an enforcement action against firms who exceed the deadlines to investigate such disputes as long as they make good faith efforts during the pandemic to do so as quickly as possible.

Earlier this month, the Bureau provided consumers with resources to protect their credit.  The Bureau’s blog outlines the steps consumers should take if they cannot make a payment, how to dispute inaccurate information on their credit report, and how to obtain a free copy of their credit report.  The blog can be found here.

Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.

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