Given the reported violations of the provisions of the Servicemembers Civil Relief Act (“SCRA”) by some servicers, and the attendant enforcement and civil actions against those servicers, state and federal regulators clearly felt compelled to impose significant SCRA-related requirements on the nation’s five largest residential mortgage loan servicers (the “Servicers”) in the recent global settlement agreements (the “Agreements”) entered into between those regulators and Servicers, described here. Read More
The idea was first floated, then floundered, moved forward with few fans and fleeting fanfare, secured a firm foothold, found a favorable following, was force-fed by federal law, and now four years since its formation, it is poised to forever change the way that consumer financial services will be licensed and regulated by the states. Beginning next month, the Nationwide Mortgage Licensing System (the “NMLS” or the “System”) will go through a metamorphosis, and eventually emerge as the System through which most, if not all, state licenses for consumer financial services will be applied for, processed and renewed.
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