NY S08761

Requires lenders to provide a single point of contact to borrowers who are 60 or more days delinquent on their home loans and seeking loan modification or foreclosure prevention options.

Lenders must provide the contact information within 10 business days of receiving a written or electronic request from the borrower, and notify borrowers of any changes within 5 business days.

The single point of contact must communicate modification options, assist with identifying required documents, and provide accurate status updates on loan modification applications.

The assigned contact remains with the borrower's account until all loss modification options are exhausted or the account becomes current.

The act takes effect 60 days after becoming law and applies to home loans entered into on or after that date.