All nonbank mortgage lenders issuing at least 200 home loans in New York each year will be subject to the state’s anti-redlining law under a newly completed rule.
New York’s Department of Financial Services released a final rule Thursday extending the state’s Community Reinvestment Act to cover nonbank mortgage lenders, which in recent years have overtaken banks in the home lending market.
Nonbank lenders accounted for 64% of mortgage originations nationwide in the second quarter of 2025, compared with 42% in 2014, the department said, citing federal statistics.
“Banks have long been expected to meet the credit needs of ...