NY S06971

Requires plaintiffs in home loan foreclosure actions to maintain and possess a complete payment history of the mortgage loan from origination to present, including all escrow and suspense account transactions

Mandates plaintiffs claiming possession of original notes to maintain custodial files documenting the chain of possession, including names and dates of all entities that physically held the note

Limits recovery for plaintiffs who purchase defaulted subordinate loans to the amount they paid for the loan plus interest at the maximum rate under Banking Law section 14-a from the purchase date

Establishes a 3-year statute of limitations beginning January 1, 2027 for actions on subordinate bonds or notes purchased when in default, or the standard 6-year period, whichever is shorter

Makes statute of limitations and lack of standing defenses non-waivable in home loan foreclosure proceedings, even if defendants fail to raise them in initial responsive pleadings