Pennsylvania Licenses Residential Mortgage Loan Servicers

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The Pennsylvania Governor has signed into law Act 81 (the “Act”) that amends Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes and provides for the licensure and regulation of non-bank mortgage servicing entities.  Included in the Act are provisions regarding definitions for license requirements, exceptions to license requirements, general licensing requirements, powers conferred on certain licensees engaged in the mortgage loan business, mortgage loan business prohibitions, license applications, license fees, and licensee requirements.  The Act also provides for the promulgation of regulations to effectively incorporate federal mortgage servicing regulations.

Secretary of Banking and Securities Robin L. Wiessmann announced that the Pennsylvania Department of Banking and Securities anticipates accepting license applications for non-bank mortgage servicers beginning April 1, 2018, through the Nationwide Multistate Licensing System. The deadline for licensing applications is June 30, 2018.

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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