Authorizes certain state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the outbreak of COVID-19 and is unable to make their mortgage payment.
Authorizes certain state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the outbreak of COVID-19 and is unable to make his or her mortgage payment.
Authorizes certain state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the outbreak of COVID-19 and is unable to make his or her mortgage payment.
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on his or her mortgage debt.
Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.
Authorizes the state of New York mortgage agency to purchase construction mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.
Prohibits mortgagees from requiring mortgagors of certain residential real property to purchase flood insurance exceeding a coverage amount that exceeds the balance as of the beginning of the year for which the policy shall be in effect, or that includes coverage for contents.