BREAKING: PA Releases Mortgage Servicing Regulations And Announces April 1st As The Date They Will Accept License Applications From Servicers

To: All Members
From: E. Robert Levy, Esq.

For Immediate Release

February 12, 2018

BREAKING: PA Releases Mortgage Servicing Regulations And Announces April 1st As The Date They Will Accept License Applications From Servicers

Mortgage Servicing Regulations Available

The Department of Banking and Securities has effectively incorporated the Consumer Financial Protection Bureau's mortgage servicer regulations as required by Act 81 of 2017. The regulations can be viewed here.

The Department will begin accepting applications to be licensed as a mortgage servicer through the Nationwide Multistate Licensing System (NMLS) on April 1, 2018. Anyone engaging in the mortgage servicing business in Pennsylvania without applying for a license by June 30, 2018, will be considered unlicensed and subject to enforcement action.

Specific questions about the mortgage servicing license and the license application process can be emailed to mortgageservicing@pa.gov.

The above information can also be viewed on The Department of Banking and Securities’ page under the “Did You Know?” section as well as the page dedicated to the Mortgage Industry under News.

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