New York Laws
Article 8 - Conveyances and Mortgages
280-D - Federal Home Equity Conversion Mortgage Default and Foreclosure Regulation.

(a) Reverse mortgage loan. A reverse mortgage loan as defined in
section two hundred eighty of this article, which is issued in this
state pursuant to the home equity conversion mortgage for seniors
program operated by the federal Department of Housing and Urban
Development.
(b) Authorized lender. An authorized lender as defined in section two
hundred eighty of this article authorized to make reverse mortgage
loans, as defined in this section.
(c) Department. The department of financial services established
pursuant to section one hundred two of the financial services law.
2. In addition to the requirements of section one thousand three
hundred four of the real property actions and proceedings law, an
authorized lender shall include in the notice required by such section
any additional information required by the department. The department is
hereby authorized to promulgate rules and regulations requiring that a
notice issued pursuant to subdivision one-a of section one thousand
three hundred four of the real property actions and proceedings law
include additional information necessary to explain the mortgagor's
rights in a foreclosure process.
3. In addition to the requirements of section one thousand three
hundred six of the real property actions and proceedings law, each
filing with the department that relates to a reverse mortgage loan shall
include an affirmative statement that the lender, assignee or mortgage
loan servicer either received final approval from the federal Department
of Housing and Urban Development to accelerate the reverse mortgage loan
that is the subject of the filing or that no such approval from the
federal Department of Housing and Urban Development is required.
4. Authorized lenders shall comply with all applicable laws,
regulations and any guidelines issued by the federal Department of
Housing and Urban Development on loss mitigation for reverse mortgages
and shall maintain policies on loss mitigation that shall be updated
when necessary to ensure compliance with all applicable rules. Each
authorized lender shall maintain loan level data and loss mitigation
data for all loans associated with a repayment plan including, but not
limited to:
(a) monthly surplus income;
(b) term of repayment plan;
(c) amount of monthly repayment plan;
(d) due date of each monthly payment;
(e) when a mortgagor experiences a hardship; and
(f) the nature of the hardship.
5. Any person who has been injured by reason of any violation of this
section may bring an action in his or her own name to recover treble his
or her actual damages, plus the prevailing plaintiff's reasonable
attorney's fees.
6. The requirements of this section shall be conditions precedent to
commencing an action to foreclose upon a home equity conversion mortgage
which is subject to the provisions of this section, and failure to
comply therewith shall be a complete defense to a foreclosure action.

Structure New York Laws