The reverse mortgage industry has slammed the brakes on in New York due to new regulations. Originators are just not sure how to proceed.
Britany Luth, VP of best practices at Finance of America Reverse (FAR), told Reverse Mortgage Daily that operations in New York are “interrupted” but that this is temporary pending the application of the new regulations.
RMD reports the pause is in response to sweeping new regulations that have recently gone into effect there, according to multiple industry professionals and lenders who operate within the state.
New York-area reverse mortgage industry players expressed concern over an inability to get loan applications processed in recent days. “I have a loan in process, we got everything back, but we can’t submit it,” one reverse mortgage originator in the state told the publication under the condition of anonymity.
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