New York Amends Provisions Regarding Reverse Mortgage Foreclosure Filings

February 18, 2021

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New York Senate Bill 884 amends the Reverse Mortgage Pre-Foreclosure Notice requirements to include additional information necessary to explain the mortgagor's rights in a foreclosure process, amends the information to be filed with the Superintendent to include an affirmative statement that final approval from the HUD was received to accelerate the reverse mortgage loan or that no such approval from HUD is required; and provides that authorized lenders shall comply with all applicable laws, regulations and any guidelines issued by HUD on loss mitigation for reverse mortgages, including record retention of specified loan-level data and loss mitigation data; effective on April 14, 2021.

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