The original headline is 10 words: "Rhode Island Sets Financial and Governance Standards for Nonbank Mortgage Servicers"

Short summary

Rhode Island enacted Senate Bill 3075, imposing capital, liquidity, governance, audit, and risk-management requirements on nonbank mortgage servicers handling 2,000+ loans across multiple states. The law is already effective and exempts not-for-profit servicers and reverse-mortgage-only servicers. Covered servicers should promptly review policies and monitor other states for similar legislation.

• •RI sets capital, liquidity, governance, audit, and risk-management standards for large nonbank mortgage servicers
• •Law applies to servicers handling 2,000+ loans in 2+ states; took effect immediately
• •Covered servicers should review compliance policies and watch for similar state-level requirements

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