Legal Seminar, Chicago, IL

State Regulators’ Oversight of Nonbank Mortgage

• Most states license mortgage servicers through the Nationwide Multistate Licensing System & Registry (NMLS) – Insufficient details for accurate count – 2017 Survey: • 18 states require companies to hold a license specific to mortgage servicing • 18 states require servicers to register through a general licensing authority that may include a number of activities in addition to servicing, such as lending, handling escrow payments, or debt negotiation

• Multi-State Mortgage Committee (MMC) coordinates the joint examination of servicers that operate in 10 or more states, and meet certain risk profiling criteria

• NDSC oversight: Commissioner level advice and direction

• State regulators coordinate with the CFPB, FHFA, Ginnie Mae, FRB, HUD and OCC given the relationships between their chartered institutions and state-licensed companies

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Let’s Take a Look at the Mortgage Market