May 17, 2017

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.

The Department is pleased to announce the 2016 VOOR will be accessible beginning Monday, May 22, 2017 at 9:00am EST. Correspondence outlining the filing requirements and password were mailed out to licensed mortgage bankers and registered mortgage brokers on May 17, 2017.  Kindly note, all VOOR filers will have six weeks from the date of this correspondence to electronically file the required VOOR information. 

click link for more information http://www.dfs.ny.gov/banking/voor.htm

The Consumer Financial Protection Bureau (CFPB) has issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending.

You can access the proposal on the Bureau’s website.

The New York State Department of Financial Services (“DFS”) has been closely monitoring the evergrowing threat posed to information and financial systems by nation-states, terrorist organizations and independent criminal actors.  Recently, cybercriminals have sought to exploit technological vulnerabilities to gain access to sensitive electronic data.  Cybercriminals can cause significant financial losses for DFS regulated entities as well as for New York consumers whose private information may be revealed and/or stolen for illicit purposes.  The financial services industry is a significant target of cybersecurity threats.  DFS appreciates that many firms have proactively increased their cybersecurity programs with great success.    

Given the seriousness of the issue and the risk to all regulated entities, certain regulatory minimum standards are warranted, while not being overly prescriptive so that cybersecurity programs can match the relevant risks and keep pace with technological advances.  Accordingly, this regulation is designed to promote the protection of customer information as well as the information technology systems of regulated entities.  This regulation requires each company to assess its specific risk profile and design a program that addresses its risks in a robust fashion.  Senior management must take this issue seriously and be responsible for the organization’s cybersecurity program and file an annual certification confirming compliance with these regulations.  A regulated entity’s cybersecurity program must ensure the safety and soundness of the institution and protect its customers.    

It is critical for all regulated institutions that have not yet done so to move swiftly and urgently to adopt a cybersecurity program and for all regulated entities to be subject to minimum standards with respect to their programs.  The number of cyber events has been steadily increasing and estimates of potential risk to our financial services industry are stark.  Adoption of the program outlined in these regulations is a priority for New York State.
 
Read Full Regulation Requirement
 

Governor Andrew M. Cuomo today announced the first-in-the nation Cybersecurity regulation to protect New York's financial services industry and consumers from the ever growing threat of cyber attacks . 

Read Press Release Click Here

For more information, please see HUD Mortgagee Letter 2017-17

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES PROPOSED 23 NYCRR 500  
CYBERSECURITY REQUIREMENTS FOR FINANCIAL SERVICES COMPANIES
 
 I, Maria T. Vullo, Superintendent of Financial Services, pursuant to the authority granted by sections 102, 201, 202, 301, 302 and 408 of the Financial Services Law, do hereby promulgate Part 500 of Title 23 of the Official Compilation of Codes, Rules and Regulations of the State of New York, to take effect upon publication in the State Register, to read as follows:  
(ALL MATTER IS NEW)  
Section 500.00 Introduction.  
 The New York State Department of Financial Services (“DFS”) has been closely monitoring the evergrowing threat posed to information and financial systems by nation-states, terrorist organizations and independent criminal actors.  Recently, cybercriminals have sought to exploit technological vulnerabilities to gain access to sensitive electronic data.  Cybercriminals can cause significant financial losses for DFS regulated entities as well as for New York consumers whose private information may be revealed and/or stolen for illicit purposes.  The financial services industry is a significant target of cybersecurity threats.  DFS appreciates that many firms have proactively increased their cybersecurity programs with great success.  

Click here to read more

HR 2121 Up for a Vote on May 23, 2016 - Ask Your Elected House Member to Vote No! Transitional Licensing Bills Harms Consumers - Tweet Your Elected Officials Now! NAMB – The Association of Mortgage Professionals has expressed concerns regarding H.R. 2121, The Transitional Licensing Act of 2015. This bill will be considered on Monday, May 23rd under suspension calender and requires a two-thirds majority vote to pass the House of Representatives.

More info click here

Federal - HR 3393

A bill to amend the Truth in Lending Act to clarify that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such loan, and for other purposes. http://thomas.loc.gov/cgi-bin/query

We Support

NYAMB has been working with the NYSDFS to get a reference guide published by the Department. We are proud of the ongoing relationship and work we do with the department on behalf of our members and are pleased to announce that the Department has officially released these comprehensive guidebooks that will help companies & individuals to not only apply for a license, but to maintain a license.  These guidebooks provide an overview of the regulatory requirements and boils them down into comprehensible directions on what information to file with DFS, at what times, and what licensees and registrants are and are not permitted to do as a regulated entity.

Please be sure to watch for any additional e-notices from NYAMB for updates to these books that may become available as a result of any new or revised mortgage-related federal and state laws and regulations, and Department policies and procedures that may come into effect.

• NYSDFS (Updated July 2015)