Pennsylvania slaps SoFi with fine over mortgage servicing

By Jennifer Kang
05 Nov 2019

The Pennsylvania Department of Banking and Securities hit SoFi with a $110,000 fine for servicing mortgage loans without a license.

Along with Pennsylvania, more states are strengthening and beefing up enforcement of consumer protection laws, such as by requiring servicing licenses from mortgage providers even if they do not engage directly in the servicing process.

"Pennsylvania is saying your indirect [servicing] activity still requires licenses as servicers," said Nanci ...

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