Pennsylvania Mortgage Servicing Code Revisions
The Pennsylvania Department of Banking and Securities recently added a new chapter concerning mortgage servicing to Title 10 of the Code. The goal of this legislative change, that becomes effective immediately, is to establish standards that emulate regulations published by the Consumer Financial Protection Bureau (CFPB). Included among the provisions are force-placed insurance notification requirements that mirror those of Regulation X. Chapter 59 is applicable to any mortgage loan serviced by any mortgage servicer licensed by the Department of Banking and Securities.
To review topics covered in the full text, such as force-placed insurance, please refer to http://www.dobs.pa.gov/Documents/DoBS%20Forms/Mortgage%20Forms/Chapter%2059%20Mortgage%20Servicing.pdf
Proctor will continue to monitor regulatory requirements and will provide updates as they develop.