New York S04004 requires mortgage investing institutions to notify borrowers ten days before increasing escrow payments by more than five percent.

New York S04004 amends the general obligations law to mandate that mortgage investing institutions provide at least ten days' written notice before increasing escrow payments by more than five percent of the total monthly payment. This applies to any mortgage on real property in New York. The bill prohibits these institutions from charging a service fee for providing this notice. Mortgage investing institutions are defined as banking organizations or entities offering mortgage financing or investing in mortgages.

New York S04004 requires mortgage investing institutions to notify borrowers ten days before increasing escrow payments by more than five percent.

New York S04004 amends the general obligations law to mandate that mortgage investing institutions provide at least ten days' written notice before increasing escrow payments by more than five percent of the total monthly payment. This applies to any mortgage on real property in New York. The bill prohibits these institutions from charging a service fee for providing this notice. Mortgage investing institutions are defined as banking organizations or entities offering mortgage financing or investing in mortgages.