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Maryland Clarifies New Net Worth Requirements for Mortgage Servicers

July 28, 2019 By Nanci Weissgold

A&B Abstract: Effective October 1, 2019, the Maryland Commissioner of Financial Regulation will impose new net worth requirements on licensees. Importantly, Maryland servicing licensees without GSE approvals may not use a line of credit to satisfy the net worth requirements. However, mortgage servicers may include mortgage servicing rights in the calculation of tangible net worth.  […]

Filed Under: Licensing, Mortgage Loans, State Law Tagged With: GSE servicing, Maryland, tangible net worth

Will Maine begin to regulate passive, secondary market investors in student loan debt?

July 17, 2019 By Consumer Finance Team

A&B Abstract:  Maine’s New Student Loan Bill of Rights requires the licensing of any person acting as “directly or indirectly” as a student loan servicer.  What might that mean for passive, secondary market investors in student loan debt? Background On June 20, 2019, Maine Governor Janet Mills signed into law LD 995, Maine’s “Student Loan […]

Filed Under: Licensing, State Law, Student Loans Tagged With: Maine, passive investors, student loan servicing

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 Consumer Finance Team

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 […]

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

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