N.Y. Private Housing Finance Law § 614

§ 614. Servicing loans. An agency may make provision in a note and\nloan agreement or by separate agreement for the performance of loan or\ngrant servicing functions, including, but not limited to, functions\nrelated to lending or providing a grant for construction, as may\ngenerally be performed by an institutional lender. Such agency may act\nin such capacity or appoint or consent to the appointment of a financial\ninstitution or other qualified entity, as determined by such agency, to\nact in such capacity on behalf of such agency. Such agency may pay a\nreasonable and customary fee to such financial institution or other\nqualified entity appointed by such agency, or to whose appointment such\nagency provided consent, for the performance of such loan or grant\nservicing functions.\n