Residential loan servicers will soon be able to apply for licenses in the Keystone State as required by legislation that became law late last year.
On Dec. 22, 2017, Pennsylvania Gov. Tom Wolf, a Democrat, signed Act 81 of 2017 into law — authorizing the state’s Department of Banking and Securities to license and examine non-bank servicers.
The law, which is intended
to help ensure that the rights of borrowers are protected, requires non-bank mortgage servicers to apply for a license by June 30.
An announcement Wednesday from the department indicated that servicers can begin submitting applications on April 1.
“Companies servicing a Pennsylvania mortgage without applying for a license by the deadline will be considered unlicensed and subject to enforcement action,” the statement said.
To help prospective licensees, answers to frequently asked question
have been posted online by the department at www.dobs.pa.gov.
Applications for licenses can be submitted online beginning April 1 through the Nationwide Multistate Licensing System at .
