N.Y. Private Housing Finance Law § 454

§ 454. Servicing of municipal loans by banking institutions. The\nmunicipality is authorized to make provision, either in the loan\nagreement or by separate agreement, for the performance by one or more\nbanking institutions of such services as are generally performed by any\nsuch bank itself owning and holding such a loan and as may be approved\nby the superintendent of financial services, for which services a bank\nmay make and collect such service charges as the superintendent shall\nprescribe or approve.\n