Establishes capital, liquidity, and corporate governance requirements for nonbank mortgage servicers.

This bill sets requirements for nonbank mortgage servicers, including maintaining capital and liquidity, conducting annual external audits, and establishing a board of directors for corporate governance. It also mandates risk management programs and internal audits. These provisions apply to servicers with portfolios of 2,000 or more residential mortgage loans, excluding certain entities. The bill takes effect upon passage.

Establishes capital, liquidity, and corporate governance requirements for nonbank mortgage servicers.

This bill sets requirements for nonbank mortgage servicers, including maintaining capital and liquidity, conducting annual external audits, and establishing a board of directors for corporate governance. It also mandates risk management programs and internal audits. These provisions apply to servicers with portfolios of 2,000 or more residential mortgage loans, excluding certain entities. The bill takes effect upon passage.