N.Y. Comp. Codes R. & Regs. Tit. 3 § 422.4 - Vacant and abandoned property reporting

(a) Within 21 business days of when a mortgagee or mortgage loan servicer of a property learns, or should have learned, that a property is vacant and abandoned, the mortgagee or mortgage loan servicer shall submit or cause to be submitted on the form prescribed by the department the following information:

(1) the address of the subject property;

(2) the current name, address and contact information for the lender, assignee or mortgage loan servicer responsible for maintaining the subject property;

(3) whether a foreclosure proceeding has been commenced as to the subject property, and, if so, the date the proceeding was commenced and the status of the proceeding;

(4) the name, last known address and contact information for the mortgagor(s) of record; and

(5) any additional information requested by the superintendent.

(b) A mortgagee or mortgage loan servicer of property learns, or should have learned, that a property is vacant and abandoned when the mortgagee or mortgage loan servicer knew or should have known one or more of the following:

(1) that three inspections of the subject residential real property conducted 25 to 35 days apart and at different times of the day indicated, or would have indicated, that:

(i) no occupant was present and there was no evidence of occupancy on the property to indicate that any persons were residing there; and

(ii) the residential real property was not being maintained in a manner consistent with the standards set forth in New York Property Maintenance Code chapter 3 sections 301, 302 (excluding 302.2, 302.6, 302.8), 304.1, 304.3, 304.7, 304.10, 304.12, 304.13, 304.15, 304.16, 307.1 and 308.1;

(2) that a court or other appropriate State or local governmental entity has formally determined, following due notice to the borrower at the property address and any other known addresses, that such residential real property is vacant and abandoned; or

(3) that each borrower and owner has separately issued a sworn written statement, expressing his or her intent to vacate and abandon the property and an inspection of the property shows no evidence of occupancy to indicate that any persons are residing there.

(c) A mortgagee is required to exercise due diligence to learn of the matters set forth in subdivision (b) of this section. Due diligence includes but is not limited to ensuring that all timelines and requirements set forth in the law and regulation are adhered to and exercising oversight of third parties hired to inspect and investigate.

(d) The information provided to the department pursuant to this section will be included in the statewide vacant and abandoned property registry established by RPAPL section 1310(1).

(e) At the time of a filing with the department pursuant to RPA PL 1306, the mortgagee or its agent shall state whether the relevant real property has been inspected and whether the mortgagee or any agent of the mortgagee has any reason to believe that the property is vacant and abandoned and the basis for that belief. The superintendent may prescribe the form for the submission of such information. All mortgagees subject to this requirement shall provide the quarterly reporting set forth in section 422.5 of this Part.

(f) For all residential real property previously reported to the department as vacant and abandoned, the mortgagee shall provide the information required by this section by February 1, 2017.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 3 § 422.4

Adopted New York State Register December 21, 2016/Volume XXXVIII, Issue 51, eff. 12/21/2016