Under N.Y. Ins. Law § 6503(d) through (f), a mortgagor is not permitted to charge private mortgage insurance (“PMI”) past certain thresholds for loans secured by property located in New York. These thresholds are generally lower than those set forth under the Federal Homeownership Protection Act (“HPA”; 12 USCA §§ 4901 through 4910) and can be exempt from such thresholds, due to the fact that these laws were passed over a decade before the HPA’s passage and can be more favorable to the consumer (see Ibid. § 4908[a][2]).
However, New York’s special thresholds do not apply to “loans made pursuant to the state of New York mortgage agency’s [SONYMA’s] forward commitment program” (Supra). As such, we will be adding a new global standard value mapping for Field “Enable State Specific PMI Termination” (FI 56280) to set it to “No” under the following conditions:
- Document Investor Institution ID (FI 32500) = SNYM; and
- Property State (FI 1714) = New York
This change will take effect on March 10, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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