An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

MortgagePolitics & Money

With a reinvigorated CFPB, what’s next for the NYDFS?

Here's the department's overriding priority

HW+ New York

Through a stroke of lucky timing, the New York Department of Financial Services (NYDFS) had gained traction with a reorganized and strengthened consumer advocacy mission just before the COVID-19 pandemic erupted in early 2020.

Homeowners, renters, borrowers, lenders and mortgage servicers had one less thing to worry about as they absorbed the implications of pandemic-sparked forbearance rules and other regulatory shelters: realigned NYDFS operations were already in synch with the servicers that operated in the state, said Winston Berkman-Breen, director of Consumer Advocacy for the New York State Department of Financial Services.

Now, as the temporary measures ease, the transition to repairing and rebuilding likely will be smooth, said Berkman-Breen, and the department is poised to amplify communication with consumers so they, too can regain steady footing.

“There’s already a blueprint there. NYDFS expectations are the same as they have always been,” he said. “The system that already exists is capable of navigating this difficult time. There have been new elements but they’re not a dramatic change to the existing structure.”

The department has been crystal-clear that its overriding priority is to “keep customers in their homes,” said Allison J. Schoenthal, a partner with the New York City firm law firm Goodwin Proctor LLP. In a move that proved prescient, the NYDFS’ 2019 update of its standards for mortgage servicers, focused on clear and responsive communications with borrowers, both positioned the companies to better weather the COVID chaos and oriented them to ongoing change, said Schoenthal.

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