• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar

Alston & Bird Consumer Finance ABstract

  • Home
  • Services
  • Contacts

Alston & Bird Issues Client Alert on Ohio Division of Financial Institution Guidance Requiring Mortgage Loan Servicer Registration for Passive Secondary Market Investors in Ohio MSRs

March 13, 2019 By Nanci Weissgold and Lisa Lanham

On March 12, Alston & Bird Partner Nanci Weissgold, and Senior Associate Lisa Lanham issued a Client Alert on Ohio Division of Financial Institution’s (“Division”) guidance on clarification of legislative amendments (as enacted by HB 489 and currently in effect as of March 20, 2019) to the Ohio Residential Mortgage Lending Act (“RMLA”), that requires mortgage loan servicers to be registered under the RMLA.  The Division answered the industry’s question as to whether the registration requirement would apply to passive secondary market investors in Ohio Mortgage Servicing Rights (“MSRs”).  Accordingly, the Division issued answers to its Frequently Asked Questions to provide guidance and explicitly stated that even though a passive secondary market investor in MSRs is not conducting any direct servicing activities, it is still required to be licensed or registered as a mortgage servicer under the RMLA amendments.

The Client Alert can be found here on our website.

Filed Under: Licensing, Mortgage Loans, State Law Tagged With: Ohio, passive investors

About Nanci Weissgold

Nanci Weissgold is a Chambers-ranked, American College of Consumer Financial Services Lawyers fellow who co-leads the firm’s consumer finance practice and maintains a national practice representing consumer financial services providers in a wide array of federal and state regulatory and supervisory matters. Her clients value her pragmatism preparing for and responding to CFPB, FHA, state, and other administrative actions.

[Read Bio]

About Lisa Lanham

Lisa Lanham handles complex financial services matters related to the federal approvals and state licenses needed to engage in business. Her clients include residential and commercial mortgage lenders, brokers and servicers, loan fulfilment providers, student and consumer loan originators and servicers, and investors that engage in secondary market activities

[Read Bio]

Reader Interactions

Trackbacks

  1. 3up-to-date says:
    February 17, 2022 at 10:06 am

    2maintains

Primary Sidebar

RECEIVE EMAIL NOTIFICATIONS WHEN NEW POSTS ARE ADDED.

A confirmation email has been sent to the email address provided.


Tags

#California #CCPA #CFPA #CFPB #COVID=19 #debtcollection #evaluations #FCRA #FDCPA #GSEs #Massachusetts #mortgageservicing #NYDFS #Part419 #Privacy #QMPatch #SupervisoryHighlights #validwhenmade Ability to Repay abusive ATR/QM CARES Act Case law Covid-19 Credit Reporting CSBS Cybersecurity data breach Debt Collection DOJ Eleventh Circuit FACTA Fair Lending Forbearance Foreclosure HUD Mortgage Servicing passive investors QM QM Patch Regulation F SCRA Servicing student loan servicing UDAAP

Secondary Sidebar

Categories

Recent Posts

  • Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory
  • Did the CFPB Have Authority to Issue its RFI Regarding Employer-Driven Debt?
  • Second Juneteenth Holiday Raises Tricky Compliance Issues
  • Maryland Regulator Puts Lenders and Servicers on Notice Regarding the Assessment of So-Called “Convenience Fees”
  • CFPB Continues Scrutiny of Algorithmic Technology
Copyright © 2022 · Alston & Bird · All Rights Reserved. Privacy.