New York passed a bill amending the single point of contact requirement for borrowers pursuing a loan modification or other foreclosure prevention alternative in connection with a “home loan”. In November of 2021, New York passed a bill requiring a lender or servicer to designate a single point of contact for a borrower of a home loan if the borrower is 60 or more days delinquent and chooses to pursue a loan modification or other foreclosure prevention alternative. Under this bill, the 60-day requirement is reduced to 30 days. This bill also removes the requirement that the borrower must request the contact information for the single point of contact and that the borrower must provide the contact information within 10 business days of receiving the borrower’s request. The bill went into effect February 24, 2022.
Click to view the NY AB 8771: https://www.tenaco.com/wp-content/uploads/2022/03/NY-AB-8771-03-01-22.pdf
