Adrienne Harris. Credit: New York State Department of Financial ServicesProposed NY Regulation Targets Nonbanks' Equity in Mortgage Lending
A proposed regulation aims to assess nonbank mortgage lenders' equity in underserved communities, the New York State Department of Financial Services said.
December 17, 2024 at 04:19 PM
2 minute read
New York’s financial services watchdog unveiled a proposed regulation on Tuesday that it says is aimed at fostering equitable lending practices by nonbank mortgage lenders.
Under the proposed regulation, a lending test will assess how well these mortgage bankers serve borrowers in all areas, particularly those in underserved communities, the Department of Financial Services said.
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