3 CRR-NY 79.10NY-CRR
3 CRR-NY 79.10
3 CRR-NY 79.10
79.10 Availability of RPL 280 and RPL 280-a loans.
(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 RPL 280-a loans, the individuals who apply for RPL 280-a loans do not qualify for such loans, or mortgage insurance for the principal and any accrued but unpaid interest for RPL 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 RPL 280-a loan programs to the same extent as it advertises its RPL 280 loan programs in all the counties in which the lender makes RPL 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 RPL 280-a and RPL 280 loans and prominently display or state the lender’s name;
(3) make promotional materials for its RPL 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 RPL 280 loans; and
(4) require its loan officers to inform applicants for RPL 280 loans of the lender's RPL 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 RPL 280-a loan.
(e) RPL 280-b loans do not fulfill the requirement that a lender shall make at least as many RPL 280-a loans as it makes RPL 280 loans unless the loan would otherwise qualify in all respects as a RPL 280-a loan.
3 CRR-NY 79.10
Current through January 31, 2023
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.