2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 8-B - (470 - 478) LOANS TO OWNER-OCCUPANTS OF ONE TO FOUR UNIT PRIVATE AND MULTIPLE DWELLINGS
474 - Servicing of loans by banking institutions and loan servicing companies.

 
    §  474.  Servicing of loans by banking institutions and loan servicing
  companies. 1. The agency is authorized to make provision in the note and
  loan agreement or by separate agreement for the performance  by  one  or
  more banking institutions of such services as are generally performed by
  any  such  bank  itself  owning  and  holding  such a loan and as may be
  approved by the superintendent of financial services for which  services
  a  bank  may make and collect such service charges as the superintendent
  shall prescribe or approve.
    2. The agency is authorized to make provision in  the  note  and  loan
  agreement  or by separate agreement for the servicing of such loans by a
  loan servicing company and such services may include, but not be limited
  to,  the  collection  of  the  debt  services  on  such  loans  and  the
  establishment, administration, and distribution of an escrow account for
  the  payment  of the owner-occupant's real estate taxes, sewer and water
  rents and fire insurance.