Items Tagged with 'NYDFS'

ARTICLES

  • New York sues rent-to-own operator Vision Property Management for predatory lending

    Claims company operated “illegal, unlicensed mortgage-lending business”
    The New York Department of Financial Services and New York Attorney General Letitia James announced recently that the state is suing Vision Property Management, one of the nation’s largest operators of rent-to-own homes, and the company’s CEO, Alex Szkaradek, for allegedly operating an “illegal, unlicensed mortgage-lending business profiting from predatory subprime home loans at the expense of some of the most vulnerable New Yorkers.”
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  • New York investigating whether Facebook allows housing discrimination

    Cuomo asks NYDFS to investigate social media giant's ad platform
    Facebook is already facing charges from HUD that it enabled real estate companies to unlawfully discriminate against users by choosing who could view ads based on race, nationality, religion, color, familial status, sex and disability, but that’s not the only trouble the site is facing. The New York Department of Financial Services is now investigating Facebook as well.
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  • New York launches its own CFPB

    NYDFS creates new division for consumer protection and enforcement
    Following through on a pledge made more than a year ago, the New York Department of Financial Services is launching its own version of the Consumer Financial Protection Bureau, seeking to fill the consumer protection gaps that are beginning to appear as the Trump administration puts more of its stamp on the CFPB.
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  • SN Servicing fined for failing to maintain New York zombie homes

    NYDFS fines servicer for not properly maintaining two homes
    SN Servicing must pay a six-figure fine for failing to maintain a pair of vacant homes in New York, the state’s financial regulator announced last week. According to the NYDFS, SN Servicing did not properly maintain the two properties for 230 and 232 days, respectively.
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  • Ocwen’s $360 million acquisition of PHH to close in days

    Deal gets thumbs-up from regulators, but NYDFS has some conditions
    Ocwen Financial’s $360 million acquisition of PHH Corp. is set to close within the next two weeks after approvals are received from all relevant regulatory agencies and governmental entities, the companies announced Friday morning. But the companies didn’t skate through the approval process totally unscathed. Finalizing the deal comes with some conditions from the New York Department of Financial Services, which has long been a thorn in Ocwen’s side.
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  • New York Department of Financial Services and 7 other states level the regulatory boom on Equifax

    Posse of state banking regulators makes Equifax sign a consent form agreeing to additional oversight
    New York’s Department of Financial Services is cracking down on Equifax. One day after announcing that additional regulations would be coming for credit agencies, NYDFS lowered the boom on Equifax, making the credit reporting agency sign a consent order with eight state banking commissioners in which it promised to undertake risk assessment and receive board oversight on its information security program, audit, information technology operations and vendor management, among other things.
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  • NYDFS investigating whether rent-to-own is actually predatory lending

    Issues warning on risks of rent-to-own contracts
    The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”
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  • Nationstar (aka Mr. Cooper) reaches $17 million mortgage settlement with NYDFS

    $5 million fine, $5 million to local nonprofit, $7 million to New York residents
    For the third time in the last six months, Nationstar Mortgage, the nonbank also known as Mr. Cooper, has reached a multimillion-dollar settlement with a state banking regulator over mortgage-related issues. The New York Department of Financial Services announced Wednesday that it reached a $17 million settlement with Nationstar for a number of violations of the state’s financial laws.
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