The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The bulletin states that all holders of mortgage servicing rights, including holders of master servicing rights, are subject to the Act and are required to obtain a Mortgage Servicer License.

Beginning on January 13, 2020, the Department will begin accepting applications for the Mortgage Servicer License through the NMLS. All mortgage servicers that are not exempt from licensure and that are currently conducting mortgage servicing business in New Jersey must submit an application by April 13, 2020.

Additionally, all entities licensed under the New Jersey Residential Mortgage Lending Act (RMLA) that are currently conducting mortgage servicing business in New Jersey must submit the RMLA-Licensed Mortgage Servicer Registration through the NMLS by April 13, 2020.