NYDFS introduces regulation to supervise mortgage bankers, community credit access
By EsqSocial Corporation 24/12/24
On December 17, NYDFS introduced a new regulation, NEW 3 NYCRR 120, Compliance with Banking Law Section 28-bb, which would require nonbank mortgage bankers in New York State to collect and report data related to home loans to ensure that mortgage bankers meet the credit needs of their communities, especially in low- and moderate-income areas, while maintaining safe and sound business practices....
By: Orrick, Herrington & Sutcliffe LLP