N.Y. Private Housing Finance Law § 614: Servicing loans

§ 614. Servicing loans. An agency may make provision in a note and

loan agreement or by separate agreement for the performance of loan or

grant servicing functions, including, but not limited to, functions

related to lending or providing a grant for construction, as may

generally be performed by an institutional lender. Such agency may act

in such capacity or appoint or consent to the appointment of a financial

institution or other qualified entity, as determined by such agency, to

act in such capacity on behalf of such agency. Such agency may pay a

reasonable and customary fee to such financial institution or other

qualified entity appointed by such agency, or to whose appointment such

agency provided consent, for the performance of such loan or grant

servicing functions.