“The NYDFS has taken cyber security to a whole new level," said one lender. "They are hammering everyone about the risk and heavy enforcement in examinations.”
Federal regulators have issued a request for comment on a review of credit risk-retention standards tied to the qualified mortgage “patch” and exemptions for community-focused and three- to four-unit mortgages.
A spokesperson for the SEC noted that while the Dodd-Frank Act requires publication of the report, there is actually no deadline for when the document has to be published.
The measure comes at a time of sinking fortunes for reverse mortgage originators: HECM production totaled $8.4 billion through the first nine months of 2019, a steep 27.8% drop from the comparable period a year earlier...
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