Legislation
SECTION 474
Servicing of loans by banking institutions and loan servicing companies
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 8-B
§ 474. Servicing of loans by banking institutions and loan servicing
companies. 1. The agency is authorized to make provision in the note and
loan agreement or by separate agreement for the performance by one or
more banking institutions of such services as are generally performed by
any such bank itself owning and holding such a loan and as may be
approved by the superintendent of financial services for which services
a bank may make and collect such service charges as the superintendent
shall prescribe or approve.
2. The agency is authorized to make provision in the note and loan
agreement or by separate agreement for the servicing of such loans by a
loan servicing company and such services may include, but not be limited
to, the collection of the debt services on such loans and the
establishment, administration, and distribution of an escrow account for
the payment of the owner-occupant's real estate taxes, sewer and water
rents and fire insurance.
companies. 1. The agency is authorized to make provision in the note and
loan agreement or by separate agreement for the performance by one or
more banking institutions of such services as are generally performed by
any such bank itself owning and holding such a loan and as may be
approved by the superintendent of financial services for which services
a bank may make and collect such service charges as the superintendent
shall prescribe or approve.
2. The agency is authorized to make provision in the note and loan
agreement or by separate agreement for the servicing of such loans by a
loan servicing company and such services may include, but not be limited
to, the collection of the debt services on such loans and the
establishment, administration, and distribution of an escrow account for
the payment of the owner-occupant's real estate taxes, sewer and water
rents and fire insurance.