PA Amends Mortgage Servicing Regulations to Include Provisions Regarding Successors in Interest

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As we previously reported, on February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations incorporating many of the CFPB’s mortgage servicing regulations.  The Pennsylvania Code was further amended in April to incorporate provisions that address successors in interest and their rights under the Code.

The updated Code defines both “successor in interest,” as well as “confirmed successor in interest,” and sets forth the actions that servicers must take in order to identify successors in interest, what must be done once a successor in interest has been identified and confirmed, and the rights of successors in interest.

The amended regulations were effective on April 28, 2018.

More information on the Pennsylvania Department of Banking updated regulations can be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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