§ 474. Servicing of loans by banking institutions and loan servicing
companies. 1. The agency is authorized to make provision in the note and
loan agreement or by separate agreement for the performance by one or
more banking institutions of such services as are generally performed by
any such bank itself owning and holding such a loan and as may be
approved by the superintendent of financial services for which services
a bank may make and collect such service charges as the superintendent
shall prescribe or approve.

2. The agency is authorized to make provision in the note and loan
agreement or by separate agreement for the servicing of such loans by a
loan servicing company or other qualified entity, as determined by the
agency, and such services may include, but not be limited to, the
collection of the debt services on such loans and the establishment,
administration, and distribution of an escrow account for the payment of
the owner's real estate taxes, sewer and water rents and fire insurance.