---
title: "NYDFS: Fees Paid to Register Mortgages in Default Guidance"
description: The NYDFS issued guidance to state-regulated mortgage lenders and servicers pertaining to fees paid to register mortgages in default.
image: https://blog.safeguardproperties.com/hubfs/Property%20Registration.png
---
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# Property Registration Ordinance Tracking
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# NYDFS: Fees Paid to Register Mortgages in Default Guidance
October 08, 2020
## Industry Letter Overview
Recently, the New York State Department of Financial Services (NYDFS) [issued guidance](https://safeguardproperties.com/nydfs-fees-paid-to-register-mortgages-in-default-guidance/) to state-regulated mortgage lenders and servicers pertaining to fees paid to register mortgages in default.
The guidance (in accordance with state regulation), outlines a compliance requirement for mortgagees under the supervision of the NYDFS to remove and reverse any and all registration fees charged to the mortgagor’s account for properties registered in the State of New York.
## Mortgagee Requirements
The NYDFS has ruled that a registration fee is neither an attorney fee, late or delinquency fee, property valuation fee, or fee for a service rendered to a mortgagor. Therefore, a registration fee may not be charged to or collected from a mortgagor.
1. Refund and credit the full amount of such Registration Fees to the account of the mortgagor. If the Registration Fee was charged to a mortgagor’s account but was not collected, Mortgagees are hereby directed and instructed to remove and reverse any and all Registration Fees charged to the mortgagor’s account.
2. Create a log of all mortgagors that were either charged, or paid any registration fee to any such mortgagees at any time, containing details of the full amounts of such registration fees, whether collected or charged, and the date(s) the full amounts of collected registration fees were refunded and credited to the mortgagors’ accounts, and the date(s) that any charged registration fees were removed or reversed from the mortgagors’ accounts, for inspection during the NYDFS’s next examination of the mortgagee.
These requirements will need to be reviewed and addressed internally by individual mortgage servicers and lenders.
### Related posts
[Cass City, MI Enacts Property Registration Ordinance](https://blog.safeguardproperties.com/property-registration-mi-il-al)
Cass City, MI The village of Cass City, Mich. has enacted a property registration requirement within 30 days of vacancy. The program will require annual registration accompanied by a fee of $25.00.
[Read More](https://blog.safeguardproperties.com/property-registration-mi-il-al)
[Durand, MI Enacts Property Registration Ordinance](https://blog.safeguardproperties.com/property-registration-mi-ca-pa-mn)
Durand, MI The city of Durand, Mich. has enacted a property registration requirement within 15 days of foreclosure filing or vacancy. The program will require annual registration accompanied by a fee…
[Read More](https://blog.safeguardproperties.com/property-registration-mi-ca-pa-mn)
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