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.
Source: Mortgage Daily