NY Real Prop L § 280-D (2021)
2021 New York Laws RPP - Real Property Article 8 - Conveyances and Mortgages 280-D - Federal Home Equity Conversion Mortgage Default and Foreclosure Regulation.

§   280-d.   Federal  home  equity  conversion  mortgage  default  and foreclosure regulation.  1.  For  the  purposes  of  this  section,  the following terms shall have the following meanings:  (a)  Reverse  mortgage  loan.  A  reverse  mortgage loan as defined in section two hundred eighty of this article,  which  is  issued  in  this state  pursuant  to  the  home  equity  conversion  mortgage for seniors program  operated  by  the  federal  Department  of  Housing  and  Urban Development.  (b)  Authorized lender. An authorized lender as defined in section two hundred eighty of this  article  authorized  to  make  reverse  mortgage loans, as defined in this section.  (c)  Department.  The  department  of  financial  services established pursuant to section one hundred two of the financial services law.   2. In addition to the  requirements  of  section  one  thousand  three hundred  four  of  the  real  property  actions  and proceedings law, an authorized lender shall include in the notice required by  such  section any additional information required by the department. The department is hereby  authorized  to promulgate rules and regulations requiring that a notice issued pursuant to subdivision  one-a  of  section  one  thousand three  hundred  four  of  the  real property actions and proceedings law include additional information  necessary  to  explain  the  mortgagor's rights in a foreclosure process.   3.  In  addition  to  the  requirements  of section one thousand three hundred six of the real  property  actions  and  proceedings  law,  each filing with the department that relates to a reverse mortgage loan shall include  an  affirmative statement that the lender, assignee or mortgage loan servicer either received final approval from the federal Department of Housing and Urban Development to accelerate the reverse mortgage loan that is the subject of the filing or that  no  such  approval  from  the federal Department of Housing and Urban Development is required.   4.   Authorized   lenders  shall  comply  with  all  applicable  laws, regulations and any guidelines  issued  by  the  federal  Department  of Housing  and  Urban Development on loss mitigation for reverse mortgages and shall maintain policies on loss mitigation  that  shall  be  updated when  necessary  to  ensure  compliance  with all applicable rules. Each authorized lender shall maintain loan level  data  and  loss  mitigation data  for  all loans associated with a repayment plan including, but not limited to:  (a) monthly surplus income;  (b) term of repayment plan;  (c) amount of monthly repayment plan;  (d) due date of each monthly payment;  (e) when a mortgagor experiences a hardship; and  (f) the nature of the hardship.   5. Any person who has been injured by reason of any violation of  this section may bring an action in his or her own name to recover treble his or  her  actual  damages,  plus  the  prevailing  plaintiff's reasonable attorney's fees.   6. The requirements of this section shall be conditions  precedent  to commencing an action to foreclose upon a home equity conversion mortgage which  is  subject  to  the  provisions  of this section, and failure to comply therewith shall be a complete defense to a foreclosure action.