Pennsylvania slaps SoFi with fine over mortgage servicing

600x600euroclearmoney
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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.