State regulators

In the New Jersey case, MV Realty and its principals agreed to pay $28 million in fines and restitution for these "Homeowner Benefit Agreements."

The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.

The law would have expanded the state's 12% interest rate cap in a manner that would have effectively banned fintech lending in the state.

California's Department of Financial Protection and Innovation is requiring registration by mid-February of debt settlement firms, earned wage access providers, private secondary education financing and student debt relief services.

The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.

The Old Dominion State has joined 30 others with pending or existing legal protections against the real estate agreements, which affect the right to sell.

States have the option of adopting the oversight framework issued by the Conference of State Bank Supervisors, which resembles capital and liquidity plan proposed by the Federal Housing Finance Agency.

Manny Alvarez, the head of California’s Department of Financial Protection and Innovation, told staff that he plans to leave on June 18. Chief Deputy Commissioner Chris Shultz will be appointed to lead the agency on an interim basis.

The CFPB’s allegations are similar to unresolved accusations Connecticut first levied against the company in 2018.

The new complaint filed by the lender in the state’s Superior Court is aimed at compelling a January decision on the 2018 allegations.

The FHA’s deadline was extended as part of its latest renewal of other coronavirus-related contingencies. The move follows a request from state regulators to provide ample notice of the forbearance program’s expiration.

The complaint dates back to 2014 state regulator examinations when the Dallas company was known as Nationstar.

The ballot measure, which would allow local jurisdictions to expand rent control, had concerned mortgage companies who worried the law would result in a patchwork of different policies that could complicate underwriting and discourage lending.

The agreement with Florida ends the saga that began in April 2017, when several states sued the company. However, the CFPB's case filed at the same time remains active.

One could change how commercial property is taxed, the other could change rent control policies. Both might affect financing.

The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes.

Many states currently have temporary work-from-home guidance for licensed mortgage professionals that extends through at least Dec. 31, but some have fall expiration dates.

The decision is the latest development in an ongoing dispute between the shuttered company and its regulator.

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.

AFC Gamma also has a pipeline of more than $300 million potential transactions, and its West Palm Beach, Fla., office is in hiring mode.