June 15, 2020
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES EXTENDS COVID-19 REGULATORY RELIEF FOR NEW YORK-REGULATED MORTGAGE SERVICERS
Department Order Grants a 60-Day Extension from June 15th to August 14th, 2020
for New York-Regulated Mortgage Servicers Unable to Provide Periodic Statements Under
3 NYCRR 419.4(c) Due to COVID-19
The New York State Department of Financial Services (Department) today announced that it has published a Department Order to extend regulatory relief to New York-regulated mortgage servicers.
The Department Order grants New York-regulated mortgage servicers a 60-day extension, from June 15th, 2020 to August 14th, 2020, to comply with the periodic statement requirements of the recently adopted 3 NYCRR 419.4(c), which becomes effective on June 15th. The Order requires New York-regulated mortgage servicers that are unable to comply starting June 15th, to post a notice on their website that borrowers are entitled to receive these periodic statements on or shortly after August 14th.
“Today’s action represents the continuation of the Department’s efforts to provide relief to our regulated institutions as the pandemic has presented unforeseen compliance challenges for them, while ensuring that consumers receive accurate and necessary information to manage their mortgage obligations,” said Superintendent Linda A. Lacewell.
New York-regulated mortgage servicers that are able to comply with the requirements of 3 NYCRR 419.4(c) commencing on June 15th should provide periodic statements, as required.
The Department will continue to consider regulatory relief as appropriate and needed for regulated entities impacted by the challenges of COVID-19, and encourages regulated institutions to communicate questions to their designated or regular Department point of contact.
The order shall remain in effect until suspended or terminated by the Department.