NY Regulator Starts Contract for Deed Probe

May 16, 2016

The New York Department of Financial Services (NYDFS) has subpoenaed lenders with ties to Apollo Global Management LLC regarding potential problems with so-called “contract for deed” seller-financed home sales.

According to a Reuters report that cited “a person familiar with the matter” as the source, the NYDFS targeted Apollo unit New York Mortgage Trust and affiliate Battery Point Financial to determine if the terms of financial services laws were being violated in their contract for deed transactions or if there were issues related to improper interest rates, tax payments and repairs. ARM Manager LLC, which manages Apollo Residential Mortgage Inc., also received a subpoena from the Department.

The NYDFS makes no mention of the inquiry, although Reuters quoted a Battery Point spokesperson in confirming the inquiry took place.

About the author

Phil Hall

Link copied

Published

May 16, 2016

People On The Move

First Horizon Corp. Names Thomas Hung Chief Credit Officer

Susan Springfield Announces Retirement after 13 years.

First Horizon Corporation announced that Executive Vice President, Head of Franchise Finance Thomas Hung will be named senior executive vice president, chief credit officer, effective October 1, 2024. Hung will succeed Susan Springfield, senior executive vice president, chie...

Analysis and Data

Builder Sentiment Unchanged In April

Latest data breaks four-month period of gains for HMI Index

Builder sentiment flatlined in April as mortgage rates remained close to 7%, inciting mixed reactions from housing analysts on the new-home market. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, (HMI) released Tuesday, showed builder co...