Illinois Legislative and New York Regulatory Update

Illinois Legislative and New York Regulatory Update

The Illinois legislature recently amended its laws governing foreclosures, effective November 19, 2013.  The New York Department of Financial Services (“DFS”) extended three sets of emergency regulations effective November 29, 2013, December 19, 2013, and December 29, 2013 respectively.

 

ILLINOIS SENATE BILL 1045

 

The Making Home Affordable Program becomes inoperative on January 1, 2016 (previously January 1, 2014) for all mortgage foreclosure actions filed after December 31, 2015 (previously December 31, 2013), in which the borrower did not apply for assistance under the Making Home Affordable Program on or before December 31, 2015 (previously December 31, 2013).

 

NEW YORK EMERGENCY RULES PART 418 AND SUPERVISORY PROCEDURES MB 109 and 110

 

Our July 21, 2009, October 27, 2009, January 25, 2010, March 22, 2010, August 10, 2010, December 16, 2010, March 24, 2011, June 30, 2011, September 29, 2011, January 25, 2012, April 11, 2012, July 11, 2012, October 17, 2012, April 1, 2013, June 20, 2013, and November 12, 2013 Compliance Memoranda discussed Emergency Regulations issued by the DFS addressing mortgage loan originator licensing and application requirements and mortgage loan servicer registration and financial responsibility requirements.  The DFS recently extended all of the Emergency Regulations through February 26, 2014.

 

 

NEW YORK EMERGENCY RULES PART 419

 

Our August 23, 2010, December 8, 2010, March 24, 2011, May 20, 2011, August 23, 2011, November 18, 2011, January 25, 2012, May 8, 2012, August 15, 2012, December 3, 2012, January 17, 2013, May 7, 2013, July 19, 2013, and November 12, 2013 Compliance Memoranda discussed New York Emergency Regulations addressing the servicing of mortgage loans, which were effective October 1, 2010, November 1, 2010, February 1, 2011, May 2, 2011, July 22, 2011, October 20, 2011, January 17, 2012, April 17, 2012, July 12, 2012, October 7, 2012, December 13, 2012, June 26, 2013, and September 15, 2013 respectively.  The DFS recently extended the Emergency Regulations through March 17, 2014.

 

NEW YORK EMERGENCY RULES PART 42

 

Our October 9, 2013 Compliance Memorandum discussed an emergency regulation, effective September 30, 2013, issued by the New York Superintendent of Financial Institutions (the “Superintendent”) addressing adjustments to the New York subprime home loan threshold for FHA-insured loans.  The Superintendent recently readopted the emergency regulation.