PHH Mortgage Corp.’s failure to follow state requirements for vacant real-estate-owned assets in the Empire State will cost it more than $100,000.
New York’s Vacant and Abandoned Property Law requires banks and mortgage servicers to adhere to certain maintenance requirements on REOs.
Servicers that fail to comply with the state’s maintenance obligations are subject to enforcement actions and a fine of $500 per day that the law is violated.
Source: Mortgage Daily
