The Conference of State Bank Supervisors (CSBS) recently requested public comment on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal seeks to address concerns about rapid market share growth, nonbank institution size, and nonbank mortgage servicers’ financial stability and governance. The goals of the proposal are to:
The proposal includes a set of baseline and enhanced prudential standards that are to be applied to nonbank mortgage servicers and investors in mortgage servicing licensed by and operating in the states.
State regulators request public comment on all aspects of these proposed standards by December 31, 2020.