Treating a Nonbank Like a Bank: New Proposed Prudential Standards for Nonbank Mortgage Servicers - Mortgage Banker Magazine

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By Laurence E. Platt and Christa L. Bieker, Mayer Brown Should U.S. state nonbank mortgage servicers be subject to “safety and soundness” standards of the type imposed by federal law on insured depository institutions, even though nonbanks do not solicit and hold customer funds in federally insured deposit accounts or pose a direct risk of …