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As nonbank servicers grow, another state adds licensing for them

As nonbank servicers grow, another state adds licensing for them

The Pennsylvania Department of Banking and Securities plans to start accepting new applications for nonbank servicing licenses through the Nationwide Multistate Licensing System starting April 1. The deadline for the receipt of applications is June 30.

The amendments to the state's Mortgage Licensing Act address national growth in the market share of nonbank servicers and give Pennsylvania a similar authority as 36 other states, according to a press release issued by the department Tuesday.

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