Section 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 banking board of the state banking department for  which
  services a bank may make and collect such service charges as the banking
  board 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 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-occupant's real estate taxes, sewer  and  water
  rents and fire insurance.