New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 84 - Certain Mortgage Loans
Section 84.3 - Statement of policy

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 84.3

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

Except as provided herein, the Banking Board has determined not to reinstate specific loan limits for improved or unimproved real estate per se or lending limits relating to locational requirements (except to the extent that the same continue to be provided for in the Banking Law). At the same time, the board expects lenders to make and purchase mortgage loans under specific internal guidelines which are consistent with safe and sound banking practices. Such guidelines shall, among other things, contain provisions which ensure that the lender will meet the credit needs of its entire community, including low- and moderate-income neighborhoods and establish limits on:

(a) credit concentrations to any single mortgagor (including affiliates);

(b) credit concentrations by loan type and location; and

(c) loan-to-appraisal ratios.

These guidelines shall be available to the superintendent to review in the course of any examination or investigation which he may undertake.

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