The New York Department of Financial Services (“NYDFS”) has issued final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations.  As we reported in June, these represent the first major changes to Part 419 since its adoption nearly 10 years ago.  Our full analysis of the changes – which impact a servicer’s duty of fair dealing, affiliated business arrangements, and loss mitigation, among other topics – will follow.  Although the rules took effect on December 18, the NYDFS included a 90-day transition period for servicers who were compliant with the previous version of the rules as of the effective date.

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