N.Y. Comp. Codes R. & Regs. tit. 3 § 422.5

Current through Register Vol. 46, No. 43, October 23, 2024

Section 422.5 - Quarterly reporting

(a) Every mortgagee that is not exempt from the obligations imposed by RPA PL 1308 shall file with the superintendent, on a form that may be prescribed by the superintendent, a quarterly report containing the following information:

(1) identification of all loans secured by a mortgage on residential real property held by the mortgagee where the borrower has been delinquent for 90 or more days;

(2) for each loan identified pursuant to paragraph (1) of this subdivision:

(i) the address of the subject property.

(ii) the date on which each inspection of the subject property to determine occupancy was conducted as required by RPA PL 1308 (1);

(iii) the date on which a determination was made that the subject property was vacant and abandoned;

(iv) the date on which the notice required by RPA PL 1308 (3) was posted on the subject property;

(v) identification of all actions to secure and maintain the subject property that have been taken, the date each action was taken, and the nature of each action;

(vi) whether a foreclosure proceeding has been commenced as to the subject property, and if so, the date the proceeding was commenced and the status of the proceeding;

(3) any additional information requested by the superintendent.

(b) The quarterly report shall be filed within 30 days of the end of the calendar quarter to which the report pertains, except that no quarterly report needs to be filed for the calendar quarter ending December 31, 2016.

(c) Every mortgagee that is not exempt from the obligations imposed by RPA PL 1308 shall maintain for production and inspection all books and records documenting all actions to secure and maintain the subject property that have been taken, the date each action was taken, the nature of each action, the identity and employer of the person who performed each action, and all other information necessary to evidence compliance with the statute.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 422.5

Adopted New York State Register December 21, 2016/Volume XXXVIII, Issue 51, eff.12/21/2016