N.Y. Banking Law § 6-o: Single point of contact for modifying delinquent home loans

* § 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