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.
- Authorization to conduct examinations and investigations without initiation by consumer complaint.
- Charge a fee of $60/hour plus reasonable expenses.
- Subpoena power and access to information to conduct inquiries and investigations.
- Authority 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.