Mortgage Servicing License Application Period Opens April 1

HARRISBURG, Pa., March 28, 2018 /PRNewswire-USNewswire/ -- Secretary of Banking and Securities Robin L. Wiessmann today reminded non-bank mortgage servicers that the department will begin accepting license applications beginning April 1, 2018. She also announced that frequently asked questions and answers on the licensing process have been posted online.

Governor Tom Wolf signed Act 81 of 2017 into law on December 22, 2017, authorizing the department to license and examine non-bank mortgage servicers to help ensure the rights of homeowners are protected.  

"Already, more than 100 companies and law firms have asked about the licensing requirements as well as compliance with new regulations," said Wiessmann. "Our goal is to help ensure these companies understand the rules under which they are expected to operate and help them navigate Pennsylvania regulatory structures."

Mortgage servicers can apply for a license through the Nationwide Multistate Licensing System (NMLS): https://mortgage.nationwidelicensingsystem.org.

The department's FAQs can be found online: http://www.dobs.pa.gov/Businesses/Non-Bank%20Licensees/Mortgage%20Licensees/Pages/Mortgage-Servicer-FAQ%27s.aspx

The deadline for licensing applications is June 30, 2018. Wiessmann noted that companies servicing a Pennsylvania mortgage without applying for a license by the deadline will be considered unlicensed and subject to enforcement action.

Anyone with questions about license and the application process can email the department at [email protected].

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 can connect to the department through Facebook and Twitter, or subscribing to the department's newsletter.

MEDIA CONTACT: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking and Securities