SB2764 Summary

• Requires mortgage servicers to register with the Nationwide Mortgage Licensing System and allows the commissioner to establish relationships or contracts with the system to collect records and process fees.

• Prohibits mortgage servicers from providing loan modification services or other services requiring mortgage loan originator licensing unless they are separately licensed as mortgage loan originators under chapter 454F.

• Amends licensure requirements to allow application and renewal forms to be prescribed by either the Nationwide Mortgage Licensing System or the commissioner, maintaining application and renewal fees of $500 and $250 respectively.

• Authorizes the commissioner to waive or modify chapter requirements as reasonably necessary to participate in the Nationwide Mortgage Licensing System and use it as an agent to request and distribute information with governmental agencies.

• Modifies penalty provisions to specify that $1,000 of the aggregate fine amount per order shall be deposited into the mortgage foreclosure dispute resolution special fund.