{"id":"AGY-ST-INSURANCE-BANKING-010","kind":"context","level":"sector-regulator","jurisdiction":"New York; Department of Financial Services (mortgage servicer supervision)","state":"NY","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Superintendent of Financial Services","authority":"Banking Law §§ 590, 595-b; Fin. Serv. Law § 302","instrument":"Industry Letter of March 19, 2020","title":"Support for Borrowers Impacted by the Novel Coronavirus (COVID-19)","dateIssued":"2020-03-19","effective":"2020-03-19","end":"Made mandatory by Executive Order 202.9 (Mar. 21, 2020) and 3 NYCRR 119 (Mar. 24, 2020, Ex. NY-100); the forbearance regime continued under Banking Law § 9-x (June 17, 2020) for the duration of the New York emergency","startDate":"2020-03-19","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["chief executive officers of New York State regulated and exempt mortgage servicers"],"clause":"the Department is issuing guidance to urge all regulated and exempt mortgage servicers to do their part during this outbreak to alleviate the adverse impact caused by COVID-19 on those mortgage borrowers (\u0027mortgagors\u0027) who demonstrate they are not able to make timely payments, including taking reasonable and prudent actions, and subject to the requirements of any related guarantees or insurance policies, to support those adversely impacted mortgagors by: Forbearing mortgage payments for 90 days from their due dates; Refraining from reporting late payments to credit rating agencies for 90 days; Offering mortgagors an additional 90-day grace period to complete","enforcement":"Banking Law art. 12-D and 3 NYCRR 419 (servicer conduct); binding standards followed in 3 NYCRR 119","functions":["SV mortgage servicing, forbearance, collections and foreclosure","ML mortgage lending","CB borrowers under hardship"],"notes":"Precedes by two days the Governor\u0027s EO 202.9 directing DFS to require forbearance; the regulation of March 24, 2020 (Ex. NY-100) supplies the mandatory standards.","sourceUrl":"https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200319_coronavirus_mortgage_relief","snapshot":"https://web.archive.org/web/20200323184103/https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200319_coronavirus_mortgage_relief","fileExists":true,"fileBytes":64829,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-010","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-010","citation":"Superintendent of Financial Services, Industry Letter of March 19, 2020 (Mar. 19, 2020) (Ex. AGY-ST-INSURANCE-BANKING-010)","stateName":"New York","related":["NY-100","AGY-ST-INSURANCE-BANKING-003","AGY-ST-INSURANCE-BANKING-009","AGY-ST-INSURANCE-BANKING-004","AGY-ST-INSURANCE-BANKING-002","AGY-ST-INSURANCE-BANKING-005","AGY-ST-INSURANCE-BANKING-007","AGY-ST-INSURANCE-BANKING-008","AGY-ST-INSURANCE-BANKING-011"]}