§ 6-O — Single point of contact for modifying delinquent home loans

* § 6-o. Single point of contact for modifying delinquent home loans.\n1. A lender shall provide to a borrower who is thirty or more days\ndelinquent on his or her home loan with such lender and who chooses to\npursue a loan modification or other foreclosure prevention alternative,\na single point of contact for the borrower to reach the lender regarding\npursuing a loan modification. If at any time the contact information\nprovided to the borrower changes, a notification of such change shall be\nprovided by the lender to the borrower within five business days of such\nchange. The duties imposed on a lender by this section may also be\nperformed by a mortgage servicer acting on behalf of such lender.\n 2. The single point of contact required by this act shall be\nresponsible for the following:\n (a) communicating information regarding options the borrower may have\nfor modifying his or her delinquent home loan;\n (b) assisting the borrower with identifying documents necessary for\npursuing a loan modification; and\n (c) providing accurate information regarding the status of a\nborrower's loan modification application should such borrower choose to\napply for a modification.\n 3. The single point of contact required by this section shall remain\nassigned to the borrower's account until such time as the lender\ndetermines that all loss modification options have been exhausted or\nuntil the borrower's account becomes current.\n 4. For the purposes of this section, "home loan" shall have the same\nmeaning as defined in paragraph (e) of subdivision one of section six-l\nof this article.\n 5. The superintendent of financial services is hereby authorized to\nestablish rules and regulations as he or she may deem necessary for the\nsingle point contact required by this section.\n * NB There are 2 § 6-o's\n