Montana Code 32-9-208. Authority of department regarding servicers
32-9-208. Authority of department regarding servicers. (1) If risk is determined by a formal review of a specific covered institution to be extremely high, the department may order or direct the institution to satisfy additional conditions necessary to ensure that the institution will continue to operate in a safe and sound manner and be able to continue to service loans in compliance with state and federal law and regulation.
Terms Used In Montana Code 32-9-208
- Covered institution: means a nonbank servicer:
(a)with servicing portfolios of 2,000 or more 1- to 4-unit residential mortgage loans serviced or subserviced for others, excluding whole loans owned, and loans being interim serviced prior to sale as of the most recent calendar year end, reported in the NMLS mortgage call report; and
(b)that operates in two or more states, districts, or territories of the United States either currently or as of the prior calendar year end. See Montana Code 32-9-201
- Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)If risk is determined by a formal review of a specific covered institution or institutions to be extremely low, the department may provide notice to the institution or institutions that all or part of this part is not applicable to those covered institutions.
(3)Whenever economic, environmental, or societal events are determined to be of such severity to warrant a temporary suspension of all or certain sections of this part, the department may provide public notice by proclamation of a temporary suspension.