Nonbank mortgage lenders operating in New York will be subject to the state’s anti-redlining law under a proposal from the state’s financial regulator.
New York’s Community Reinvestment Act will be expanded to cover nonbank mortgage lenders under the Tuesday proposal from the state’s Department of Financial Services, allowing state examiners to measure lenders’ operations in low- to moderate-income communities.
The state’s anti-redlining law was previously limited to banks until Gov. Kathy Hochul (D) in 2021 signed legislation expanding it to nonbank mortgage lenders.
“Everyone deserves a fair shot at owning a home, regardless of their income level or where they ...
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