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Part 419: An Overview of New York State’s Mortgage Servicing Rules

Michelle Michelle September 22, 2021

Previously Recorded 9/21/2021

In 2020, the New York State Department of Financial Services (DFS) made permanent business conduct rules for mortgage loan servicers, known as “Part 419.” The final Part 419 restates, with some changes, many of the requirements contained in its predecessor regulation promulgated ten years ago. The regulation governs many aspects of mortgage loan servicing such as application of payments, allowable fees, rules for getting reinstatement and payoff quotes, loss mitigation, reporting and more. While there is no explicit “private right of action” for homeowners when the rules are violated, advocates have successfully raised the requirements of this rule to reach better outcomes for homeowners. This webinar will provide an in-depth description of the permanent rule and provide foreclosure advocates the tools for implementing its practical application.

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