Learn More - Click Here!

Thread Options
#2114039 - 01/12/17 05:24 PM Zombie property exemption calculation
b2c Offline
New Poster
Joined: Feb 2009
Posts: 6
Has anyone had a chance to look over the form DFS has provided for determining whether or not you are exempt for 2017 based on the activity of 2015? The example on the form leads one to believe you would count loans that you serviced in 2015 above what was originated, purchased or sold. I'm lost as to how they came up with the figures in the example.

Return to Top
#2114672 - 01/19/17 12:31 PM Re: Zombie property exemption calculation b2c
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,018
Utopia
I am currently working on it and I agree it is not as cut and dry as I thought it would be. My understanding is the number of mortgages maintained along with the other sub categories will equal your total originated. We are currently gathering the 1st lien info for commercial loans. Thankfully we are well below the 638 so we are exempt.
_________________________
Everything happens for a reason

Return to Top
#2115378 - 01/24/17 08:16 PM Re: Zombie property exemption calculation b2c
KATL Offline
Member
KATL
Joined: Aug 2002
Posts: 99
QUEENS, NY
I too am trying to get this off my plate. I only have a total of 180 loans in my portfolio for 2015 so I am way under the 638. I too am a little confused because the ruling says using the 2015 numbers. However, looking at the exemption form they are mentioning the prior 2 years.

Ugh I will still be way under but I was hoping just once something would be easy smile

Return to Top
#2116112 - 01/30/17 07:19 PM Re: Zombie property exemption calculation b2c
Ms Auditor Offline
100 Club
Joined: Oct 2001
Posts: 148
Upstate NY
b2c, I think I'm looking at the Exemption form the same way you are. The form and the example would lead you to believe that we should include all loans we serviced in 2015 regardless of when they were originated. For us, that will put us over the exemption threshold. If we only looked at the number of loans we originated that year however, we would be exempt. Are there others interpreting the form the same way?

Return to Top
#2116128 - 01/30/17 08:16 PM Re: Zombie property exemption calculation b2c
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,761
You are here
Hopefully they know more about this than me

http://www.cullenanddykman.com/news-advisories-145.html

To assist institutions in determining whether either exemption applies to them in 2017, the DFS published, 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 2015. That “Total Number”—i.e., the denominator in the above equation—is 212,646. Each institution’s numerator would be equivalent to the number of mortgages issued in the New York State during 2015 that the mortgagee originated, owned, serviced and/or maintained.
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#2116825 - 02/02/17 08:55 PM Re: Zombie property exemption calculation b2c
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,018
Utopia
Don't forget to submit the supporting documentation along with the form.
_________________________
Everything happens for a reason

Return to Top