ICBA backs state standards for nonbank mortgage servicers

ICBA said it largely supports a Conference of State Banking Supervisors proposal to establish regulatory standards for nonbank mortgage servicers. The CSBS proposal offers prudential-like standards that states could approve for supervising servicers.

In a comment letter, ICBA said the proposal's emphasis on safety and soundness and uniform supervision—in alignment with the FHFA's seller-servicer requirements—are positive for the mortgage servicing system. It encouraged CSBS to finalize the standards as soon as possible.