United States: New Hampshire Repeals Mortgage Servicer Statute

New Hampshire repealed its Regulation of Mortgage Loan Servicers Act and folded regulation of servicers into its Licensing of Nondepository First Mortgage Bankers and Brokers Act (the "Mortgage Act"). Any company currently holding a Mortgage Servicer Registration in the state will see its registration converted to a license without the need to file a new license application, provided it meets certain heightened license-related compliance obligations. The legislation will also relocate the regulation of loan modification activities to New Hampshire's debt adjusters statute and repeal the annual reporting requirement, among other changes. These amendments take effect August 20, 2016. Read more about the New Hampshire changes in Mayer Brown's Legal Update, available here.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.