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  • 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
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  • 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 


  • 22 Apr 2020 10:30 AM | Edith Tella (Administrator)

    ​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


  • 22 Apr 2020 8:17 AM | Edith Tella (Administrator)

    ​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

  • 21 Apr 2020 5:00 PM | Edith Tella (Administrator)

    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. 

  • 07 Apr 2020 2:24 PM | Edith Tella (Administrator)

    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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Industry News & Updates

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