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After the Pause

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The hardship stays provided under New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (EEFPA) officially ended on January 15, 2022. In response to the expiration of the hardship stay, New York’s Office of Court Administration (OCA) issued a memorandum to judges and non-judicial staff along with Administrative Order 35/22 on January 17, 2022, permitting—for the first time in the almost 22 months since the pandemic began—residential and commercial mortgage foreclosure proceedings to “resume in the normal course.”

What does this mean for lenders, mortgage servicers, and landlords? The practical impact of the hardship stay’s expiration is that the courts can now begin processing all active foreclosure and eviction matters. Mikelle Bliss and Margaret “Peggy” Cascino (New York City) explain what servicers and landlords operating in the Empire State need to know in an article for DSNews.com, a leading source of breaking news and up-to-date information for housing and mortgage professionals.

Read the full article here.

Insights

Future of Minority Depository Institutions

August 30, 2022

On July 26, 2022, the Office of the Comptroller of the Currency (OCC) issued an update to its 2013 policy statement on minority depository institutions (MDIs). Acting Comptroller Michael J. Hsu noted as follows concerning the reason for updating the policy: “MDIs are on the frontlines serving low-income, minority, rural and other underserved communities. They are a critical source of credit to support the financial needs and economic vitality of their communities. The OCC has a long history of recognizing the value of these institutions, and we will continue our efforts to ensure they remain a bedrock of financial access and inclusion.”