New Law for Mortgage Servicers

Act 92 (2013)

Please see Act 92 for the text of the new law.


  • Authorizes DFI Commissioner to examine mortgage servicers.
  • Adjusts fees for MS licensees registering through the NMLS system used by DFI.

Examination highlights:

  • Authorization to conduct examinations and investigations without initiation by consumer complaint.
  • Charge a fee of $60/hour plus reasonable expenses.
  • ŸSubpoena power and access to information to conduct inquiries and investigations.
  • ŸAuthority to retain professionals to conduct or assist in examinations and investigations.

Fee change highlights:

  • Changes the application fee from $500 to $675.
  • Changes annual renewal from $250 to $425, to be paid four or more weeks before renewal period.
ŸFor licensees properly licensed as of June 30, 2013, MS license is extended to December 31, 2013 to take advantage of NMLS renewal process.