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NY S02105
Bill
Status
Engrossed
6/4/2019
Primary Sponsor
James Sanders
Click for details
AI Summary
- Requires mortgage servicers to establish a single point of contact for borrowers who are 60 or more days delinquent and request loss mitigation assistance
- Mandates servicers provide the single point of contact's identity and contact information within 10 business days of borrower request, with updates within 5 business days if the contact changes
- Single point of contact must communicate available options to borrower, coordinate document receipt, maintain accurate status information, ensure consideration for all available loss mitigation programs, and have access to staff who can stop foreclosure proceedings when necessary
- Single point of contact remains assigned to borrower's account until loss mitigation options are exhausted, account becomes current, or borrower in bankruptcy has exhausted all eligible options
- Effective immediately upon enactment
Legislative Description
Relates to modifying delinquent mortgage loans and single point of contact.
Last Action
COMMITTED TO RULES
12/28/2020
Committee Referrals
Rules12/28/2020
Banks1/8/2020
Rules6/4/2019
Banks1/22/2019
Full Bill Text
No bill text available