Skip to content
The COVID Project
  1. Library
  2. State insurance and banking regulators
  3. AGY-ST-INSURANCE-BANKING-010

Ex. AGY-ST-INSURANCE-BANKING-010 Context (guidance or announcement) Primary source read

Industry Letter of March 19, 2020

Support for Borrowers Impacted by the Novel Coronavirus (COVID-19)

Superintendent of Financial Services · New York; Department of Financial Services (mortgage servicer supervision) (Sector regulator)

Open exhibit (PDF, 63 KB)Source (opens in a new tab)Archived copy (opens in a new tab)
The COVID Project
Context, not an order

This record is guidance or an announcement kept for context. It is not counted among the orders in force.

The record

Jurisdiction
New York; Department of Financial Services (mortgage servicer supervision) · New York
Level
Sector regulator
Authority
Banking Law §§ 590, 595-b; Fin. Serv. Law § 302
Issued
2020-03-19 Mar. 19, 2020
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 (read as 2021-09-30)
In force
Mar. 19, 2020 to Sept. 30, 2021
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • chief executive officers of New York State regulated and exempt mortgage servicers
Functions reached
  • SV mortgage servicing, forbearance, collections and foreclosure
  • ML mortgage lending
  • CB borrowers under hardship
Character
context
Collection
State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

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 ('mortgagors') 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

Notes

Precedes by two days the Governor's EO 202.9 directing DFS to require forbearance; the regulation of March 24, 2020 (Ex. NY-100) supplies the mandatory standards.

Retrieval note

Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.