There is a newer version of the New York Laws
2022
2021 (you are here)
2020
2019
2018
Other previous versions
View our newest version here

2021 New York Laws
BNK - Banking
Article 1 - Short Title; Definitions; Miscellaneous Provisions.
6-O - Single Point of Contact for Modifying Delinquent Home Loans.

Universal Citation: NY Banking L § 6-O (2021)
Previous Next 
* §  6-o. Single point of contact for modifying delinquent home loans.
1.  A lender shall provide to a borrower  who  is  sixty  or  more  days
delinquent  on  his or her home loan with such lender and who chooses to
pursue a loan modification or other foreclosure prevention  alternative,
a single point of contact for the borrower to reach the lender regarding
pursuing a loan modification. The borrower shall make his or her request
for  such  contact information in writing or by electronic communication
to his  or  her  lender  and  such  lender  shall  provide  the  contact
information  required  herein within ten business days of receiving such
borrower's request. If at any time the contact information  provided  to
the borrower changes, a notification of such change shall be provided by
the lender to the borrower within five business days of such change. The
duties  imposed  on  a lender by this section may also be performed by a
mortgage servicer acting on behalf of such lender.
  2. The  single  point  of  contact  required  by  this  act  shall  be
responsible for the following:
  (a)  communicating information regarding options the borrower may have
for modifying his or her delinquent home loan;
  (b) assisting the borrower with identifying  documents  necessary  for
pursuing a loan modification; and
  (c)   providing   accurate  information  regarding  the  status  of  a
borrower's loan modification application should such borrower choose  to
apply for a modification.
  3.  The  single point of contact required by this section shall remain
assigned to the  borrower's  account  until  such  time  as  the  lender
determines  that  all  loss  modification options have been exhausted or
until the borrower's account becomes current.
  4. For the purposes of this section, "home loan" shall have  the  same
meaning  as defined in paragraph (e) of subdivision one of section six-l
of this article.
  * NB Effective January 2, 2022
Previous Next
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.