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ARTICLE · 20 FEBRUARY 2018

Pennsylvania Mortgage Servicing Regulations Track RESPA Requirements

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On February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations in response to the state's recent law requiring licensing of mortgage loan servicers.

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
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On February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations in response to the state's recent law requiring licensing of mortgage loan servicers. The new regulations provide a great deal of information about what servicers must do, but no additional guidance on which entities must obtain the new license.

As we wrote previously, Pennsylvania Senate Bill 751 (also referred to as "Act 81" of 2017) amended the state's Mortgage Licensing Act to require a person servicing mortgage loans to obtain a license. "Servicing a mortgage loan" for that purpose means "collecting or remitting payment or the right to collect or remit payments of principal, interest, tax, insurance or other payment under a mortgage loan," without limiting that phrase (and thus without limiting the licensing obligation) to servicing activity conducted only for others. As we indicated, that could be interpreted to require licensing even of persons servicing their own

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