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Financial Services Law Insights and Observations

New York Superintendent of Financial Services issues order to assist servicers affected by Covid-19

State Issues Covid-19 New York Mortgages Mortgage Servicing Servicer

State Issues

On June 11, the New York Superintendent of Financial Services issued an order extending the deadline for servicers to meet certain obligations under the updated Servicing Mortgage Loans: Business Conduct Rules (N.Y. Comp. Codes R. & Regs. tit. 3, § 419 et seq.). Specifically, for servicers unable to provide a periodic statement that is compliant with the revised regulations, the order extends the compliance date for a period of 60 days from June 15 to August 14 (extension period). Servicers that cannot comply by June 15 must provide a notice on their website advising consumers that they will be entitled to receive the periodic statement on or shortly after August 14. However, the order notes that servicers that are able to comply with the periodic statement requirements by June 15 should do so as required. The order does not relieve servicers from any obligation to issue a periodic statement under TILA or from ensuring that borrowers receive an accurate accounting of their mortgage loan during the extension eriod.

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