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Home » Store » Taxable » NYBD Now Requires Originators to Pay Their Own Cost of Supervision

NYBD Now Requires Originators to Pay Their Own Cost of Supervision

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The New York Department of Banking has begun assessing mortgage bankers and brokers for the cost of supervision and other regulatory expenses to fill a gaping hole in the department’s budget. In remarks to the New York Association of Mortgage Brokers last month, NYBD Superintendent Diana Taylor informed participants that state oversight will now cost the mortgage banking and broker industries a total of $14.2 million annually. …
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