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Safeguard is committed to keeping you updated on activity across the country.
Recently, the New York State Department of Financial Services (NYDFS) issued guidance to state-regulated mortgage lenders and servicers pertaining to fees paid to register mortgages in default.
The guidance (in accordance with state regulation), outlines a compliance requirement for mortgagees under the supervision of the NYDFS to remove and reverse any and all registration fees charged to the mortgagor’s account for properties registered in the State of New York.
The NYDFS has ruled that a registration fee is neither an attorney fee, late or delinquency fee, property valuation fee, or fee for a service rendered to a mortgagor. Therefore, a registration fee may not be charged to or collected from a mortgagor.
Long Beach, California The city of Long Beach, Calif. has amended its property registration ordinance to reflect an updated annual fee of $210.00. The ordinance will continue to require annual…
North Bergen, NJ The township of North Bergen, N.J. has amended its property registration requirement to reflect an annual fee of $500.00 for occupied properties in foreclosure and $2,500.00 for…
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