New Mortgage Lender, Servicer Rules Passed by House
The House has passed a bill that would add more rules and provisions for mortgagelenders and mortgage servicers.
April 27, 2017 at 07:23 PM
1 minute read
The House has passed a bill that would add more rules and provisions for mortgage lenders and mortgage servicers.
Under the bill, a mortgage lender can now act as a mortgage broker or mortgage loan correspondent without a separate mortgage broker or mortgage loan correspondent license. The bill also allows a mortgage lender to act as a mortgage servicer even if they don't have a mortgage servicer license.
The bill also newly defines mortgage servicer as “a person who engages in the mortgage loan business by directly or indirectly servicing a mortgage loan” and a “single point of contact” as “an individual or team of personnel” that has the authority to discuss mortgage loan mitigation options with a borrower on behalf of a mortgage servicer.
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