Pennsylvania Enacts Mortgage Servicing Provisions
The Pennsylvania Department of Banking and Securities has amended Title 10 of the Pennsylvania Code by adding Chapter 59. This chapter is effective immediately.
Chapter 59 concerns mortgage servicing issues. The topics covered are set out into fifteen parts:
- Purpose
- Scope
- Definitions
- General disclosure requirements
- Mortgage servicing transfers
- Timely escrow payments and treatment of escrow account balances
- Error resolution procedures
- Requests for information
- Force-placed insurance
- General servicing policies, procedures, and requirements
- Early intervention requirements for certain borrowers
- Continuity of contact
- Loss mitigation procedures
- Coordination with existing law
- Additional notices
The purpose of this new chapter is to set forth mortgage servicing standards that conform to the Consumer Financial Protection Bureau’s mortgage servicer regulations. Chapter 59 applies to any mortgage loan which is serviced by a mortgage servicer licensed by the Department of Banking and Securities.
Read the full text of Chapter 59.
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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