Harrisburg, PA – Secretary of Banking and Securities Robin L. Wiessmann today is providing the mortgage industry a 15-day notice of the June 30, 2018, deadline for non-bank mortgage servicers to apply for a license to do business in Pennsylvania.
“We are pleased so far by the response of mortgage servicing companies to this new licensure requirement, which will help ensure a level playing field among business competitors,” said Wiessmann. “We believe this new regulatory authority will also help protect homeowners from wrongful foreclosures and give us more tools to respond to and resolve consumer complaints.”
The department has been accepting license applications for non-bank mortgage servicers since April through the Nationwide Multistate Licensing System (NMLS): https://mortgage.nationwidelicensingsystem.org
A list of frequently asked questions and answers on the licensing process can be found on the department’s website: www.dobs.pa.gov/Businesses/Non-Bank%20Licensees/Mortgage%20Licensees/Pages/Mortgage-Servicer-FAQs.aspx
The department has effectively incorporated the Consumer Financial Protection Bureau’s mortgage servicer regulations as required by Act 81 of 2017. The regulations can be found online through the Pennsylvania Bulletin: www.pabulletin.com/secure/data/vol48/48-17/666.html
Wiessmann also noted that companies servicing a Pennsylvania mortgage without applying for a license by the June 30 deadline will be considered unlicensed and subject to enforcement action.
Questions about the license and the application process can be emailed to the department at firstname.lastname@example.org.
The Department of Banking and Securities uses NMLS to manage mortgage licensees. Through NMLS, companies can apply for, amend, and renew licenses conveniently and safely online. Businesses and consumers can connect to the department through Facebook and Twitter, or subscribing to the department’s newsletter.