A Closer Look At Proposed Regs For Nonbank Loan Servicers

Law360 (September 20, 2018, 1:23 PM EDT) -- Rep. Maxine Waters, D-Calif., recently introduced a bill called the “Homeowner Mortgage Servicing Fairness Act of 2018.” It would create a new supervisory and enforcement authority over mortgage loan servicers that service loans for Fannie Mae and Freddie Mac.

While in the short term the proposed act has no chance of passage, it provides for some “safety and soundness”-type requirements that do not typically apply to state-chartered, nondepository residential mortgage loan servicers (which we will refer to as “nonbanks” or “nonbank servicers”). And though federal regulation, supervision and enforcement of mortgage lenders by the Consumer Financial Protection Bureau obviously is on...

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