Total Number of Residential Real Property Mortgages Originated in New York State in 2017
As enacted by Part Q of Chapter 73 of the Laws of 2016, Real Property Actions and Proceedings Law Section 1308 requires certain holders of first lien mortgages to inspect, secure, and maintain vacant and abandoned one to four family residential real property. Section 1308 contains exemptions for certain entities based on the percentage of total loans in the state which the entity either originated, owned, serviced or maintained for the calendar year ending two years prior to the current calendar year.
To assist entities in determining whether these exemptions apply to them in 2019, the Department hereby publishes, based on available data, the “Total Number of Residential Real Property Mortgages Originated in the State During the Calendar Year Ending Two Years Prior to the Current Calendar Year,” that is, in 2016. Cf. 3 NYCRR Part 422, Sections 422.3(b)(3) & 422(c)(3).
- Total Number of Residential Real Property Mortgages Originated in New York State During 2017: 274,388
To calculate this Total Number, the Department relied on two sources: data reported to the Consumer Financial Protection Bureau under the Home Mortgage Disclosure Act (HMDA) and, for certain entities not required to report under HMDA, volume of operation reports filed with the Department.