Go to previous versions of the New York Laws
2022 (you are here)
2021
2020
2019
2018
Other previous versions

2022 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 (2022)
Previous Next 
* §  6-o. Single point of contact for modifying delinquent home loans.
1. A lender shall provide to a borrower  who  is  thirty  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.  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.
  5.  The  superintendent  of financial services is hereby authorized to
establish rules and regulations as he or she may deem necessary for  the
single point contact required by this section.
  * NB There are 2 § 6-o's
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.