This section applies to each servicer that is either registered or required to be registered with the superintendent or that is an exempt organization regulated by the superintendent. Each servicer shall:
The servicer must, for three years, maintain a log of all telephone calls and file of all written correspondence, including fax transmissions and e-mail correspondence, relating to the servicing of each mortgage loan, including, but not limited to communications and correspondence between it and:
The servicer must have internal controls (commensurate with the size and complexity of the servicing operations) which periodically assess the servicer's loan servicing to ensure that servicing standards and procedures are being met. At least annually, the servicer shall conduct an internal risk assessment of all its servicing activity. The servicer shall also conduct periodic audits of payment processing functions to ensure payments are properly credited, including payments remitted to the servicer via certified mail.
In addition to the quarterly reports required pursuant to section 419.8 of this Part, the servicer shall collect, maintain and analyze appropriate data on delinquency and foreclosure rates, as well as, its loss mitigation activity to enable it to:
The servicer shall further determine how this data compares with rates in reports published by the industry, investors and others and analyze significant variances between its data and that found in reports and publications and take appropriate corrective action.
Within 45 days of the end of each fiscal quarter, the servicer must submit to the department, in a format, prescribed by the superintendent, a quarterly financial report and certification of net worth.
Unless the superintendent in his or her sole discretion determines that other financial information may be substituted, the servicer shall submit an annual audited financial statement as of its fiscal year end to the department within 90 days of the close of the fiscal year. The financial statement shall be prepared in accordance with generally accepted accounting principles and audited by an independent certified public accountant in accordance with generally accepted auditing standards.
The superintendent may require servicers to file other regular or special reports, including reports with respect to mortgage delinquencies and foreclosures, annually or as otherwise requested by the superintendent. Such reports shall be in a form prescribed by the superintendent and, except as permitted by the superintendent, shall be subscribed and affirmed as true under the penalty of perjury.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 419.9