New York regulator Benjamin Lawsky said Tuesday he plans to expand an investigation into the affiliated businesses of nonbank servicers because homeowners are "at risk of becoming fee factories."

The New York Department of Financial Services also plans to improve the time and process it takes to get a mortgage license in New York. Lawksy plans to eliminate several layers of review for mortgage bankers to apply for a license or a new branch location. The agency also will be coming out with guidebooks with instructions on how to maintain a mortgages license.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry