On Thursday, March 19, the Governor of the State of New York announced a 90-day payment suspension for mortgages in the state of New York, and we are making every effort to learn the specifics of this Order. As a result, effective immediately Sprout will cease registering/locking/funding and purchasing loans in the state of New York until further notice.

At noon Eastern Time on March 19, Sprout learned that the NY State Department of Financial Services would issue a clarifying news release regarding the announced mortgage ‘payment holiday’. We hope to be able to resume funding NY loans soon. We will provide additional updates as they become available.