New York passed a bill requiring lenders and servicers to designate a single point of contact for borrowers pursuing a loan modification or other foreclosure prevention alternative in connection with a “home loan”. Under the bill, a lender or servicer must provide a borrower who is 60 or more days delinquent on a home loan, and who chooses to pursue a loan modification or other foreclosure prevention alternative, a single point of contact for the borrower to reach the servicer regarding the loan modification or other foreclosure prevention alternative. The bill also requires a lender or servicer to provide the contact information for the single point of contact within 10 business days of receiving the borrower’s request for the contact information. In addition, if the contact information provided to the borrower changes, the bill requires notification of the change be provided to the borrower within 5 business days of the change. The bill becomes effective January 2, 2022.
Click to view the NY SB 671: https://www.tenaco.com/wp-content/uploads/2021/11/NY-SB-671-11-04-21.pdf
