Bill > S00671

This bill amends the banking law in New York to require lenders to provide a single point of contact for borrowers who are 60 or more days delinquent on their home loans and choose to pursue a loan modification or other foreclosure prevention alternative. The single point of contact is responsible for communicating information about loan modification options, assisting the borrower with identifying necessary documents, and providing updates on the status of the borrower's loan modification application. The single point of contact remains assigned to the borrower's account until all loss modification options have been exhausted or the borrower's account becomes current. The bill applies to home loans entered into on or after the effective date, which is 60 days after the bill becomes law.

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https://www.nysenate.gov/legislation/bills/2021/S671