Attempts at Relief and Reform

N.Y. Mortgage Servicing Rules

Posted on Monday, August 23, 2010

New regulations go into effect in NY October 1, implementing the 2008 Mortgage Lending Reform Law consumer protections for subprime and high-cost home loans.

"Servicers handling New York-based mortgages must abide by these new regulations, which include a duty to avoid preventable foreclosures by pursuing loss mitigation efforts. In addition, if a homeowner is being considered for, or is currently in, a trial or permanent modification, servicers are expected to avoid foreclosure actions. Servicers are also required to have a sufficient staff on hand, written procedures for consumer inquiries and complaints, and methods for ensuring that homeowners do not have to submit multiple copies of required documents." DSNews

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