State regulators

The interim head of the Consumer Financial Protection Bureau said the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication.

“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”

Ocwen Financial Corp.'s acquisition of PHH Corp. will help the nonbank servicer rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.

From accelerating its subservicing transformation to overcoming regulatory obstacles, here's a look at three reasons behind Ocwen Financial Corp.'s $360 million acquisition of PHH Corp.

Pennsylvania will soon start accepting applications for new servicing licenses added to address the growth of nondepositories, joining other states with similar authority.

Ocwen Financial is receiving a lump-sum payment of $280 million from New Residential under the latest restructuring of the mortgage servicing rights sale.

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.

PHH Mortgage was the first mortgage servicer to be fined by the New York Department of Financial Services for failing to maintain a "zombie" property.

Movement Mortgage will pay $1.1 million in penalties and customer refunds to settle charges by California regulators it serviced loans without a state license and for collecting unearned interest.

Ocwen Financial Corp. will move its servicing portfolio to Black Knight's LoanSphere MSP system of record, following years of regulatory scrutiny of its existing technology provided by Altisource Portfolio Solutions.

New Residential Investment Corp. may seek to accelerate the process of transferring more than $100 billion in mortgage servicing rights it agreed to buy from Ocwen for $400 million.

Ocwen Financial Corp. is settling allegations by Alabama and Minnesota that it engaged in improper mortgage activities, bringing the total of states it has settled with to 17.

Ocwen Financial Corp. received more breathing room on the legal front as the Securities and Exchange Commission is not pursuing an enforcement action against the company regarding its debt collection practices.

Wall Street firm Morgan Stanley is almost done completing tasks mandated under the terms of a mortgage settlement in New York.

A bill to strengthen consumer protections for Property Assessed Clean Energy financing programs is headed to the governor’s desk.

If Fannie Mae's clear-boarding requirements prove effective, New York may follow Ohio's lead and move forward with a bill requiring it to be used more broadly on zombie properties.

The changes to the National Multistate Licensing System will include a more customized user experience for companies and functionality for states to share examination data.

As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.

Old Republic International Corp. is again making noise about bringing its mortgage insurance subsidiary back to active status, while separating it out from the holding company.

The U.S. population is aging, and one of the well-established components of the American dream — buying and owning a home — appears poised to aid in the baby boomers' next phase of life.