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WALTS v. FIRST UNION MORTGAGE CORPORATION

259 A.D.2d 322 (1999)

686 N.Y.S.2d 428

CLIFFORD A. WALTS, on Behalf of Himself and Others Similarly Situated, Respondent-Appellant, v. FIRST UNION MORTGAGE CORPORATION et al., Appellants-Respondents. FRANCIS E. BAUER et al., Respondents-Appellants, v. MELLON MORTGAGE COMPANY et al., Appellants-Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided March 11, 1999.

The IAS Court correctly ruled that no private right of action exists under Insurance Law § 6503 (d), which prohibits requiring a mortgage borrower to make private mortgage insurance (PMI) premium payments once the principal amount of the loan drops below 75% of the appraised value of the property, since the legislative scheme provides for enforcement by the Superintendent of Insurance (see, e.g., Insurance Law § 109 [c], [d]; §§ 1104, 6508; see...

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