Pennsylvania requires non-bank mortgage servicers to submit licensing applications through NMLS

State Issues Lending Mortgage Servicing Licensing NMLS

On January 23, the Pennsylvania Department of Banking and Securities announced it will begin accepting licensing applications from non-bank servicers through the Nationwide Multistate Licensing System (NMLS) as early as April 1 as part of the state’s move to increase oversight into non-bank mortgage servicing. The licensing requirement falls within SB 751 (Act No. 81), which amended Title 7 of the Pennsylvania Consolidated Statutes to regulate certain mortgage servicing activities, and was signed into law on December 22 by Governor Tom Wolf. (See previous InfoBytes coverage here.) The deadline for submitting licensing applications is June 30.