RI S3075

"Covered mortgage servicers" (nonbank servicers with 2,000+ residential mortgage loans operating in 2+ states) must maintain capital and liquidity requirements compliant with Federal Housing Finance Agency eligibility standards for Fannie Mae/Freddie Mac seller/servicers

Covered mortgage servicers must establish a board of directors responsible for corporate governance oversight, compliance monitoring, accurate regulatory reporting, and filing NMLS Mortgage Call Reports

Annual external audits by independent public accountants are required, including audited financial statements, internal control assessments, tangible net worth computations, and fidelity/errors and omissions insurance verification

Covered mortgage servicers must implement risk management programs addressing credit, liquidity, operational, market, legal, and reputation risks, with annual risk assessments reported to the board of directors

The Director of Business Regulation may impose additional conditions on high-risk servicers, exempt low-risk servicers from requirements, or temporarily suspend requirements during severe economic/environmental events; not-for-profit servicers and housing finance agencies are exempt from financial condition requirements