NY Amends Single Point of Contact Requirements for Delinquent Mortgages

New York recently amended the New York banking law that requires lenders to provide delinquent borrowers with a single point of contact, which WBK previously covered here.  The amended law decreases the number of days a borrower must be delinquent in order to trigger the single point of contact requirement from sixty days to thirty days.  Additionally, it removes the requirement that the borrower must request such contact information from the lender in writing or by electronic communications.  The amended law also authorizes the New York Superintendent of Financial Services to establish rules and regulations to implement the single point of contact requirement.