Provides that a mortgage investing institution that maintains a mortgage on any real property in the state of New York shall give ten days written notice prior to requiring payment of an increase in the amount of escrow if the dollar amount of such increase is more than five percent of the total monthly payment; provides that no service charge shall be imposed for the giving of such notice; defines that term "mortgage investing institutions" as any banking organization or other entity engaged in the business of offering mortgage financing to the public or investing in mortgages.

New York Senate Bill S04004 requires mortgage lenders to provide homeowners with a 10-day written notice before increasing escrow payments by more than 5% of the total monthly mortgage payment. The bill also prohibits lenders from charging a service fee for issuing this notice. 'Mortgage investing institutions' are defined as any banking organization or other entity engaged in offering mortgage financing to the public or investing in mortgages.

While specific media coverage on S04004 is limited, consumer advocacy groups are likely to support the bill, as it enhances transparency and provides homeowners with advance notice of significant escrow payment increases, allowing them to better manage their finances.

Although direct media criticism of S04004 is scarce, financial institutions might express concerns that the bill imposes additional administrative burdens and could lead to increased operational costs, potentially affecting the efficiency of mortgage servicing.