§ 6-O. Single point of contact for modifying delinquent home loans.
295 words·~1 min read·
/ny/banking/short-title-definitions-miscellaneous-provisions/6-o·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
* § 6-o. Single point of contact for modifying delinquent home loans.
1. A lender shall provide to a borrower who is thirty or more days
delinquent on his or her home loan with such lender and who chooses to
pursue a loan modification or other foreclosure prevention alternative,
a single point of contact for the borrower to reach the lender regarding
pursuing a loan modification. If at any time the contact information
provided to the borrower changes, a notification of such change shall be
provided by the lender to the borrower within five business days of such
change. The duties imposed on a lender by this section may also be
performed by a mortgage servicer acting on behalf of such lender.
2. The single point of contact required by this act shall be
responsible for the following:
(a)communicating information regarding options the borrower may have
for modifying his or her delinquent home loan;
(b)assisting the borrower with identifying documents necessary for
pursuing a loan modification; and
(c)providing accurate information regarding the status of a
borrower's loan modification application should such borrower choose to
apply for a modification.
3. The single point of contact required by this section shall remain
assigned to the borrower's account until such time as the lender
determines that all loss modification options have been exhausted or
until the borrower's account becomes current.
4. For the purposes of this section, "home loan" shall have the same
meaning as defined in paragraph
(e)of subdivision one of section six-l
of this article.
5. The superintendent of financial services is hereby authorized to
establish rules and regulations as he or she may deem necessary for the
single point contact required by this section.
* NB There are 2 § 6-o's