The New Year greeted mortgage loan servicers in Pennsylvania with a new licensing obligation. On December 22, 2017, Pennsylvania Governor Tom Wolf signed legislation into law imposing a licensing obligation for residential mortgage loan servicers. With the enactment of Senate Bill 751 (“SB 751”), Pennsylvania became the latest state to join the majority of states that license mortgage servicers. Questions have been raised as to who qualifies as a mortgage servicer, who is exempt from licensing, what servicing practices must be followed and what requirements must be met to obtain a license. This Legal Update discusses what we know and raises some questions that SB 751 does not answer, but which Pennsylvania regulators should address in the regulations required by SB 751.
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