State regulators

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

The mortgage company will provide up to $17 million in forgiveness to settle charges that modifications it applied to distressed government-related loans were not in keeping with state servicing regulations.

The Federal Housing Finance Agency has promised to take care of advances on principal and interest payments for coronavirus forbearances after four months, but servicers remain concerned about other responsibilities.

Future loss mitigation may be most effective if housing-finance industry stakeholders communicate clearly with consumers about these five aspects of the Coronavirus Aid, Relief and Economic Security Act.

The Conference of State Bank Supervisors on Friday launched a centralized link to state websites highlighting information relevant to business continuity plans for licensed mortgage loan officers.

Mortgage-related companies finalized four partnerships, a servicing-retention firm went up for sale, and a long-delayed insurance-related transaction moved forward this week in a wave of industry merger and acquisition activity.

The Federal Housing Finance Agency is considering bringing back the idea of imposing stricter criteria for purchasing mortgages in areas where residential Property Assessed Clean Energy financing is available.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

Vision Property Management has settled accusations made by New York regulators of predatory lending practices for a total of $3.75 million in cash and forgiven mortgage loan balances.