Rhode Island passed a bill imposing net worth requirements for covered mortgage servicers. Under the bill, a third-party mortgage servicer that services (or subservices) at least 2,000 one-to-four-unit residential mortgage loans (aka, “covered mortgage servicers”) must meet the Federal Housing Finance Agency’s eligibility requirements for enterprise single-family seller/servicers with respect to minimum capital ratio, net worth and liquidity. A covered mortgage servicer must meet the requirements regardless of whether the covered mortgage servicer is approved for government sponsored enterprise servicing. The bill also requires a covered mortgage servicer to maintain sufficient allowable assets for liquidity to cover normal business operations. In addition, the bill requires a covered mortgage servicer to maintain a board of directors, annually procure an external audit, and establish a risk management program. The bill went into effect June 23, 2026.

Click to view the Rhode Island House Bill 7867: https://www.tenaco.com/wp-content/uploads/2026/06/RI-HB-7867-06-24-26.pdf