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Instructions for Filing a 90-day Pre-foreclosure Notice With the New York State Department of Financial Services Prior to January 1, 2014

A. INTRODUCTION:

The 2009 Mortgage Foreclosure Law requires each lender, assignee or mortgage loan servicer to file with the Superintendent of Financial Services, within three business days after mailing the 90-day pre-foreclosure notice for residential real property or cooperative apartments, certain information that will aid the Department in assisting borrowers at risk of foreclosure. This includes the name, address and last known telephone number of the borrower, the amount claimed as due and owing on the mortgage, and any other information the Superintendent may require to determine the type of loan product.

The Superintendent may subsequently request such readily available information as may be reasonably necessary to facilitate a review of whether a borrower might benefit from counseling or other foreclosure prevention services.

The information collected shall be used by the Superintendent for the following purposes:

The filing must be on a form prescribed by the Superintendent.  Information filed under this section is not subject to disclosure under the Freedom of Information Law or to certain provisions of the Personal Privacy Protection Law.

Information on how to obtain a userid and password

B. THREE PART FILING PROCESS:

The Department of Financial Services has developed a three-part filing process.

Step 1 requires a filing within three business days after mailing a 90-day pre-foreclosure notice and is designed to capture the most relevant information necessary to understand the terms of the mortgage and make contact with the borrower. The purpose of this initial step is to provide sufficient information to facilitate outreach efforts by housing counselors to individual borrowers.

Step 2 requires a filing within five business days after filing a lis pendens and will capture more detailed information on the original loan, lender and lien holder. This information will be valuable in the Department’s analysis of the mortgage crisis and in targeting outreach efforts. Lenders, servicers and assignees have until Friday, November 12th, to file information on lis pendens filed prior to late October when the Department's system began accepting filings. Step 2 filings are only required for loans that have already been entered into the system during Step 1.

Step 3 requires a filing within thirty days of entry of the Judgment of Foreclosure and Sale. This information will be valuable to the Department in monitoring the extent of actual foreclosures across the state. Step 3 filings are only required for loans that received a 90-day pre-foreclosure notice on or after February 13, 2010 and have already been entered into the system during Step 1 and Step 2.

C: FILING ELECTRONICALLY:

Individual Filings:

For individual filings, filers must complete all required fields. Once the filing for Step 1 has been submitted through the system with all required fields, a tracking number will be e-mailed directly to the e-mail address identified in the first section of the filing.

Bulk Filings:

For Step 1 Bulk filings, filers must generate ASCII delimited text files as prescribed in 'Step 1 Bulk Filing Directions’ and upload them to the system as attachments. Please use unique file names for each submission by concatenating the first 15 letters of your company name, the form type and the date stamp (example: SERVICERCOMPANYSTEPA02112010.txt.)

For Step 2 Bulk files must be generated as per 'Step 2 Bulk Filing Directions’ and uploaded to the system as attachments. Please use unique file names for each submission by concatenating the first 15 letters of your company name, the form type and the date stamp (example: SERVICERCOMPANYSTEP2HDR02112010.txt or SERVICERCOMPANYSTEP2DTL02112010.txt.)

For Step 3, no Bulk files will be accepted. All Step 3 filings must be filed individually.

D. DATA REQUIRED IN STEP 1:

All fields are required, unless otherwise indicated on the system.

Screen 1: Filing Information

Screen 2: Property Information

Screen 3: Loan Information

Screen 4: Borrower Information

E. DATA REQUIRED IN STEP 2:

Step 2 filings are due five business days after a lis pendens filing. Data required in Step 2 includes updates on any information that may have changed since the original filing, including possible changes in servicer information. It also requires more detailed information on the original loan, including lien holder, Investor or Trustee information. This information will allow the State to monitor and analyze foreclosure filings in the State and target its foreclosure outreach efforts.

F. DATA REQUIRED IN STEP 3:

On February 14, 2011, the Department began accepting information for Step 3 of the process. Information required in Step 3 includes the date of entry of the Judgment of Foreclosure and Sale and whether the property was owner-occupied at the time of the judgment. Loans that are cured at any point during the process do not need to be updated in the system.

G. QUESTIONS:

Questions re the filing process should be e-mailed to preforeclosurefiling@dfs.ny.gov

File: All filings for Step 1, Step 2 and Step 3 of the 90-day pre-foreclosure notice filing process can be submitted to the Department of Financial Services via the Online Filing System

Updated 11/30/2012