Gov. Andrew Cuomo has signed into law NYSAR-supported A.9539(Morelle)/ S.7224(Farley) that provides for technical amendments to New York State banking laws adjusting the subprime threshold for loans insured by the Federal Housing Authority (FHA). The legislation codifies previously adopted emergency rules by the New York State Department of Financial Services that addressed the unforeseen consequence of the imposition of the FHA mandated Mortgage Interest Premium as it relates to a home loan’s annual percentage rate.

To read NYSAR’s Memorandum in Support, click here.