CT SB00920

Exempts mortgage correspondent lenders from mortgage servicer licensing requirements when acting as servicers for residential mortgage loans they have made during the permitted 90-day holding period, provided they are licensed as a mortgage correspondent lender in the state.

Requires mortgage correspondent lenders to maintain offices at locations licensed as main or branch offices and must maintain adequate records of each residential mortgage loan transaction.

Exemption for mortgage correspondent lenders becomes ineffective if their license is suspended at any time during the servicing period.

Extends existing record-keeping and retention requirements to mortgage correspondent lenders, requiring records be maintained for at least two years following final payment or loan assignment.

Effective from passage on January 1, 2015, amending sections 36a-718 and 36a-719d of Connecticut general statutes.