Source: http://dfs.ny.gov/legal/industry_circular/banking/ilmb091215a.htm
Timestamp: 2015-01-27 10:22:16
Document Index: 324924709

Matched Legal Cases: ['art 419', 'art 419', 'art 419', 'art 418', 'art 419', 'art 419']

NYSBD: Banking Letters - Mortgage Loan Servicers Proposed Business Conduct Rules -Mortgage Loan Servicers Proposed Business Conduct Rules -- Part 419 of the Superintendent’s Regulations Skip to Content
Mortgage Loan Servicers Proposed Business Conduct Rules -- Part 419 of the Superintendent’s Regulations December 15, 2009
To: The Individual or Institution Addressed
RE: Mortgage Loan Servicers Proposed Business Conduct Rules -- Part 419 of the Superintendent’s Regulations In July 2008, Article 12-D of the Banking Law was amended to include a new section 590(2)(b-1), which provides that, effective July 1, 2009, no person, partnership, corporation or other entity shall engage in the business of servicing mortgage loans with respect to residential real property located in this state without first being registered with the Superintendent of Banks as a Mortgage Loan Servicer (MLS). Section 590(d)(2) further provides that the servicing of mortgage loans must be in conformity with, among other things, Article 12-D and such rules and regulations as may be promulgated by the banking board or prescribed by the Superintendent.
On September 23, 2009, the Department adopted emergency regulations governing the registration of mortgage loan servicers. These regulations, which are contained in Part 418 of the Superintendent’s Regulations, establish the application and registration procedures for servicers, the grounds on which the Department can deny an application or suspend or revoke the registration of a servicer, and the financial responsibility requirement for applicants, registrants and exempted persons. As indicated in our letter dated April 16, 2009, the Department is now preparing to release a second set of consumer protection regulations governing servicer conduct in such areas as handling of mortgage delinquencies, consumer inquiries and complaints, crediting of payments, escrow accounts and regulatory reporting. In support of the Department’s continuing efforts to ensure that its regulations adequately protect consumers and address the operating environment of regulated entities, we are seeking comments on the enclosed proposed Part 419 of the Superintendent’s Regulations. In addition to inviting you to submit written comments to me by Friday January 15, 2010, we are inviting you to attend a meeting to discuss the regulations on Tuesday January 19 at 2:00 p.m. in our offices at One State Street, New York, NY 10004. If you plan to attend, please confirm no later than January 15 by contacting Carmen Gonzalez at carmen.gonzalez@banking.state.ny.us or (212) 709-3507.
Should you wish to discuss this matter further, please contact me directly.
Director of Non-Depository Institutions and Consumer Protection
jane.azia@banking.state.ny.us
(212) 709-3503
Part 419 of the Superintendent's Regulations: http://www.dfs.ny.us/legal/regulations/proposed/banking/prp419tx.htm