ยง 474. Servicing of loans by banking institutions and loan servicing
companies. 1. The agency is authorized to make provision in the note and
loan agreement or by separate agreement for the performance by one or
more banking institutions of such services as are generally performed by
any such bank itself owning and holding such a loan and as may be
approved by the superintendent of financial services for which services
a bank may make and collect such service charges as the superintendent
shall prescribe or approve.
2. The agency is authorized to make provision in the note and loan
agreement or by separate agreement for the servicing of such loans by a
loan servicing company and such services may include, but not be limited
to, the collection of the debt services on such loans and the
establishment, administration, and distribution of an escrow account for
the payment of the owner-occupant's real estate taxes, sewer and water
rents and fire insurance.
Structure New York Laws
Article 8-B - Loans to Owner-Occupants of One to Four Unit Private and Multiple Dwellings
470 - Policy and Purposes of Article.
472 - Loans to Owner-Occupants.
473 - Conditions Precedent to Making Such Loans.
474 - Servicing of Loans by Banking Institutions and Loan Servicing Companies.
475 - Interest Reduction Subsidies.