WBK Industry News - State Regulatory Developments

NY Requires Mortgage Servicer’s Information be Included in Certain Foreclosure-Related Documents

New York Governor Andrew Cuomo recently signed into law a bill, Senate Bill 4190 (SB 4190), that requires the name and number of the mortgage servicer to be included in certain documents in connection with residential mortgage foreclosure actions.  Specifically, effective November 11, 2020, the order of reference, judgment of sale, and notice of pendency must include the name and telephone number of the mortgage servicer for a plaintiff involving a mortgage foreclosure of a one-to four-family residential property.

The bill’s sponsor stated in the Sponsor Memo that SB 4190 was introduced to help address some of the issues with zombie properties in New York.  The sponsor noted that, by including the mortgage servicer’s name and phone number in those documents, local municipal officials will have a more efficient method to contact the servicer to ensure that property maintenance obligations are enforced.