NY A01935

Lenders must provide borrowers who are 60+ days delinquent on home loans and seeking loan modification with a single point of contact, which must be supplied within 10 business days of written or electronic request.

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

Lenders must notify borrowers within 5 business days if the contact information changes, and the contact remains assigned until all loss modification options are exhausted or the account becomes current.

Mortgage servicers may perform these duties on behalf of lenders.

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