States Get Framework for Regulating Non-Bank Servicers

Posted To: MND NewsWire

The Board of Directors of the Conference of State Bank Supervisors (CSBS) has released model state regulatory prudential standards for nonbank mortgage servicers. CSBS is the national organization of bank regulators from all 50 states, the District of Columbia, and most U.S. territories. Those regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services, consumer finance, and debt industries. In announcing the new standards, CSBS said nonbank mortgage servicing has grown from 6 percent of the government agency mortgage market to 60 percent over the past 10 years. As those servicers…(read more)

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States Get Framework for Regulating Non-Bank Servicers
States Get Framework for Regulating Non-Bank Servicers

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