Default Registration Fees–NY DFS Requests Feedback

The Department is currently reviewing the request to limit the registrations fees as well as the look back period that would be covered by its Industry Letter – Guidance to New York State Regulated Mortgage Lenders and Servicers Relating to Fees Paid to Register Mortgages in Default. Note that this should only include New York properties

In order for the Department to adequately address the issues raised, we are asking for the following information:

  • Total Amount of Base registration fee paid to register properties in New York. The figure should not include any late filing fees, penalty, performance bond or surety bond premiums or monies posted as security for vacant properties.
    Breakdown of the fee by type (default, vacant, other) and Breakdown of the fee by year, if possible
  • The total amount of charges paid that are incidental to the registration of properties in New York. A charge incidental to the registration of a property includes late fees, penalties and any costs associated with paying the registration fee.
  • Breakdown similar to above, if possible
  • The total amount of base registration fees that have been recovered from a borrower through modification, pay-off or reinstatement
  • Breakdown similar to above, if possible
  • The total amount of incidental registration fee charges that have been recovered from a borrower through modification, pay-off, including refinancing or reinstatement
  • Breakdown similar to above, if possible

If the institution is unable to separately identify the fee, explain how it accounted for the fee.

Give the specific category such fee was classified under for the purposes of loan modification, reinstatement, pay-off, foreclosure.

Lenders/Servicers may provide this information anonymously by sending the information to Christina Wiley, Executive Director of NYMBA.  Feel free to reach out to Christina or the DFS with any questions.

Rholda Ricketts, Deputy Superintendent

New York State Department of Financial Services

One State Street, New York, NY 10004+1511

Phone: (212) 709-5540  | Fax: (212) 709-5555 | rholda.ricketts@dfs.ny.gov