N.Y. Private Housing Finance Law 474 – Servicing of loans by banking institutions and loan servicing companies
§ 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.
Terms Used In N.Y. Private Housing Finance Law 474
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- loan: shall include any grant made by a municipality pursuant to this article, provided, however, that provisions of this article concerning the repayment or forgiveness of, or security for, a loan shall not apply to any grant made pursuant to this article. See N.Y. Private Housing Finance Law 472
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 or other qualified entity, as determined by the agency, 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's real estate taxes, sewer and water rents and fire insurance.