New Pa. Mortgage Servicer Law Raises A Host Of Questions
By Costas Avrakotos, Daniel Pearson and Patty Mesa ( January 29, 2018, 1:18 PM EST) -- To welcome in the new year, mortgage loan servicers in Pennsylvania were greeted by a new licensing obligation. On Dec. 22, 2017, Pennsylvania Gov. Tom Wolf signed legislation into law imposing a licensing obligation for residential mortgage loan servicers. With the enactment of Senate Bill 751, Pennsylvania became the latest state to join the majority of states that license mortgage servicers.[1] The date by which a license needs to be obtained will be determined by the Pennsylvania Department of Banking and Securities by regulations that will be promulgated in 2018.[2] Prior to adopting such regulations to govern the licensing and regulation of mortgage loan servicers, Pennsylvania regulators have indicated that they are working on issuing a customary "secretary's letter" to provide some preliminary guidance regarding the new licensing obligations for mortgage loan servicers....
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