§ 595-B. Regulation of mortgage loan servicers.
134 words·~1 min read·
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§ 595-b. Regulation of mortgage loan servicers. 1. Establishment of
grounds to impose a fine or penalty. In addition to such other rules,
regulations and policies as the superintendent may promulgate to
effectuate the purposes of this article, the superintendent shall
promulgate regulations and policies governing the establishment of
grounds to impose a fine or penalty with respect to the activities of a
mortgage loan servicer.
2. Servicing practices. In addition to such other rules, regulations
and policies as the superintendent may promulgate to effectuate the
purposes of this article, the superintendent may prescribe regulations
which relate to:
(a)providing for disclosures to borrowers of the basis
for any interest rate resets;
(b)requirements for the provision of
pay-off statements; and
(c)governing the timing of the crediting of
payments made by the borrower.