WBK Industry News - State Regulatory Developments

Ohio Issues FAQs Regarding New Mortgage Servicer Registration

The Ohio Department of Commerce (Department) recently issued implementation guidance in the form of FAQs regarding the state’s new registration requirement for mortgage servicers.  Among other things, the FAQs address the registration’s effective date, application requirements and process, and requirements for entities that hold mortgage servicing rights.  Of note, the FAQs indicate that companies needing a Certificate of Registration under the new law should apply via the NMLS before the end of March 2019, which will grant them the benefit of no action taken for unlicensed activity even if the Department cannot complete the registration process before the law goes into effect.