Dear Esteemed Members of the ESMBA,

I am thrilled to announce that I have assumed the role of President of the Empire State Mortgage Bankers Association (ESMBA). It is an incredible honor to lead such a distinguished group of professionals who are dedicated to elevating the standards and expertise within our industry.

As we embark on this new chapter together, I want to assure you that my focus will be on continuing the strong legacy of industry advocacy, education, and collaboration that the ESMBA is known for. Our mission remains clear: to be a pillar of innovation, ethical vigilance, and business integrity in New York’s mortgage banking industry.

I would like to take a moment to......CLICK HERE to Read Full Letter

On March 16, 2024, NMLS enhanced to include the new MCR Form Version 6 (FV6). Companie​s will be required to collect appropriate data for transactions on and after Jan. 1, 2024.

Click Here to Read Full Article

Today, the New York State Department of Financial Services (DFS) adopted the final amendments to its Cybersecurity Rules (23 NYCRR Part 500). The DFS published two prior proposed versions of the amended regulation and requested comments from industry participants. The amended requirements phase in over time but lenders should be mindful of all of each requirement and the deadlines for implementation. Click Here for all the details

When will HUD require the use of the Fannie Mae/Freddie Mac Form 1103, Supplemental Consumer Information Form (SCIF)?

Click Here for access to the answer and full article

I wanted to take a moment to thank the ESMBA Membership, Officers, Directors, Management and Counsel for your unyielding support over my past five years as President.

We have weathered extraordinarily unprecedented times, both personally and professionally, and my wish for you all is health, happiness, and the endurance to ride out this current chapter. The ESMBA’s mission includes education for our membership, and we take pride in the robust events calendar that was provided over the years to address your training and recruiting needs. When our members talk, we listen and will continue to do so.

At this time, it is my great honor to introduce our new ESMBA President, Fabian Roman. Fabian is the VP of Operations and Secondary with Cliffco Mortgage Bankers and I have had the pleasure of working closely with him on ESMBA projects over the past few years. Fabian possesses a very can-do approach to everything he touches and maintains a tremendous passion for this industry. His term is only just beginning, and he has already carved out his vision for the year to come and how the ESMBA will support and enhance the efforts of its membership. With Fabian at the helm, I am very excited to see what is in store for our group in 2023. 

Under Fabian’s leadership, is our experienced and dedicated slate of officers, directors, committee members and counsel for 2023: CLICK HERE TO VIEW THE SLATE 

If you have not yet renewed your membership, you will want to do so as soon as possible to take advantage of the programs and events being offered in 2023 

Preliminary Calendar of Events for 2023:

February 2023

• ESMBA 2023 Kick-Off Industry Networking Event | February 8, 2023

March 2023

• Training Webinar with Industry Mortgage Coach | March 21, 2023 , (time tbd)

April 2023

• Lunch and Learn with Melissa Tatta, CIC Credit (date and time tbd)

May 2023

• Webinar hosted by Fastapp Appraisal Management (date and time tbd)

June 2023

• Annual Bowling Fundraiser in support of LIJH-for Kids (date and time tbd)

September 2023

• Breakfast with legal Counsel, Michael Barone, Esq, AGMB, LLP (date and time tbd)

December 2023

• End of the Year Holiday Party (date and time tbd)

Having been a member for over 25 years, I have always held the Empire State Mortgage Bankers Association and its membership in the highest regard, and I am looking forward to a great year ahead for all. 

Thanks, and be well.

Regards,
Kathy Lovece
ESMBA President

Due to the rapidly evolving situation in Ukraine and Russian invasion, the New York State Department of Financial Services is issuing Guidance to all regulated individuals and entities (“regulated entities”). The Guidance can be viewed online here: https://www.dfs.ny.gov/industry_guidance/industry_letters.

For full industry update click here

The current pending Assembly and Senate Bills can have a crippling effect on the ability of mortgage lenders to do cost effective business in the State. The well intended legislative initiative could chill lending since the State is proposing that borrowers be given a ‘free’ three months of mortgage payments. MBA makes it easy to send letters to your appropriate senator and assemblywoman. 

We ask that our ESMBA membership click on the MAA link below and take a moment to send the letter. I think this is a VERY important issue that requires immediate attention.

TAKE ACTION CLICK HERE

In connection with Executive Order 202.8 issued by Governor Cuomo and our industry’s urgent need for clarity pertaining to specific “ Essential Business”, click here for a list of Frequently Asked Questions posted by Empire State Development. Our organization is in contact with NYS DFS, the Governor’s office as well as the MBA and will provide updates as soon as they become  available.

More information on COVID-19 and impact on business in NY can be found at https://esd.ny.gov/

DFS ISSUES NEW EMERGENCY REGULATION REQUIRING NEW YORK REGULATED FINANCIAL INSTITUTIONS TO PROVIDE FINANCIAL RELIEF TO NEW YORKERS DEMONSTRATING FINANCIAL HARDSHIP FROM COVID-19 PANDEMIC 

The Department of Financial Services (DFS) today issued an emergency regulation requiring that, during a specified time, New York State regulated financial institutions provide residential mortgage forbearance on property located in New York for a period of 90 days to any individual residing in New York who demonstrates financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness requirements of the regulated institutions. The emergency regulation also requires that, during a specified time, New York regulated banking organizations eliminate fees charged for the use of Automated Teller Machines (ATMs) that are owned or operated by the regulated banking organization, overdraft fees, and credit card late payment fees for any individual who demonstrates financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness requirements of the regulated banking organization. This emergency regulation is adopted pursuant to  Governor Andrew M. Cuomo’s Executive Order No. 202.9

Click here for Full Notice

copy of Industry Letter issued by the NYSDFS on May 10, 2020

To: The Chief Executive Officers or the Equivalents of New York State Regulated Institutions

The New York State Department of Financial Services (DFS) is issuing this guidance and request for assurance to ensure your institutions have preparedness plans in place to address operational risk posed by the outbreak of a novel coronavirus known as “COVID-19”. CLICK HERE TO READ THE ENTIRE LETTER