New York Legislature Moves to Impose New Requirements on Reverse Mortgage Industry

Originators and servicers of home equity conversion mortgages who do business in New York should take action now to prepare to comply with a new bill's requirements. Ensuring compliance may require a thorough review of commercial advertisements and mailings, adapting communications with mortgagors to incorporate required notices, and modifying procedures employed to verify a mortgagor's continued residence in a mortgaged property.

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