New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 79 - Reverse Mortgage Loans
Section 79.10 - Availability of RPL 280 and RPL 280-a loans

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 79.10

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The requirements of Real Property section 280(10) shall not apply to the extent that the lender determines that there are no or insufficient applications for R PL 280 -a loans, the individuals who apply for R PL 280 -a loans do not qualify for such loans, or mortgage insurance for the principal and any accrued but unpaid interest for R PL 280 -a loans is not available for the type of reverse mortgage loan made by the lender through the private market or any agency of the State of New York. Such determination may only be reached after making a documented and diligent effort to obtain such mortgage insurance, which determination shall be subject to review by the superintendent at his or her discretion.

(b) A lender shall, among other things:

(1) advertise its R PL 280 -a loan programs to the same extent as it advertises its R PL 280 loan programs in all the counties in which the lender makes R PL 280 loans;

(2) ensure that all advertising materials, including brochures, for any reverse mortgage loans designed specifically for New York residents mention both the lender's R PL 280 -a and R PL 280 loans and prominently display or state the lender's name;

(3) make promotional materials for its R PL 280 -a loans available to the local and county offices for the aging, the New York State Office for the Aging and the Department of Financial Services, to the extent reasonably requested by them, in all counties in which the lender makes R PL 280 loans; and

(4) require its loan officers to inform applicants for R PL 280 loans of the lender's R PL 280 -a loan programs.

(c) Lenders must maintain an application log for all applications. In addition, the lender must maintain rejected mortgage application files for a minimum of three years.

(d) Any lender may, at its option, offer only one reverse mortgage loan program provided such program meets the requirements of a R PL 280 -a loan.

(e) R PL 280 -b loans do not fulfill the requirement that a lender shall make at least as many R PL 280 -a loans as it makes R PL 280 loans unless the loan would otherwise qualify in all respects as a R PL 280 -a loan.

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