New York adopted rules implementing recently enacted requirements for vacant and abandoned residential property. Under the adopted rules, mortgage lenders and servicers have until February 1, 2017 to: conduct the initial inspection for all loans that were 90 days or more delinquent as of December 20, 2016; and take steps to secure and maintain all property deemed vacant and abandoned as of December 20, 2016. The adopted rules also require mortgage lenders and servicers to file a quarterly report with the Department of Financial Services (Department) setting forth information regarding the actions taken by the lender or servicer to inspect, secure and maintain vacant and abandoned property. In addition, the adopted rules: clarify the applicability of, and exemption from, the vacant and abandoned property requirements; require mortgage lenders and servicers to maintain books and records documenting all actions taken to secure and maintain vacant and abandoned property; and require lenders and servicers to file additional information with the Department at the time the lender or servicer issues a Notice to Borrowers in Default. The adopted rules went into effect December 20, 2016.
See New York Department of Financial Services website for the full text of the Regulations:
http://www.dfs.ny.gov/legal/regulations/adoptions/banking/bf422t.pdf
