N.Y. Comp. Codes R. & Regs. tit. 3 § 419.12

Current through Register Vol. 46, No. 25, June 18, 2024

Section 419.12 - Mortgage servicing transfers

(a) The first monthly statement provided by a transferee servicer to a borrower shall include a copy of the transferee servicer's welcome packet and a payment history containing the information detailed in section 419.4(b) of this Part.

(b) A transferee servicer shall allow a borrower that is complying with the terms of a trial loan modification as of the effective date of transfer of the servicing of the borrower's mortgage loan to the transferee servicer to continue making existing trial loan modification payments for the remainder of the trial modification period.

(c) A transferee servicer shall allow a borrower who has successfully completed a trial modification prior to the effective date of transfer of the servicing of the borrower's mortgage loan to the transferee servicer, but who has not yet received permanent modification documents from the transferor servicer, to continue making trial modification payments until the transferee servicer can provide permanent modification documents to the borrower.

(d) A transferee servicer shall not refuse to consider for a loss mitigation option a borrower who was previously denied for a loss mitigation option by a transferor servicer by sole reason of the denial by the transferor servicer.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 419.12

Amended New York State Register December 18, 2019/Volume XLI, Issue 51, eff. 12/18/2019