Servicing

The bureau said it began developing the standards before the coronavirus pandemic. But more transfers may occur as some servicers struggle to meet their obligations during the economic downturn.

The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments.

The bill, which President Trump is expected to sign Friday, includes $310 billion more funding; the four largest U.S. banks took in $590 billion of the $1 trillion banks attracted.

The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.

Some say the agencies are exacting too high a price to buy loans from the cash-strapped lenders; some small banks hustled in dealing with the Paycheck Protection Program, others are accused of a hustle.

More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.

The bill, which includes $310 billion in new funding, is expected to pass the House on Thursday; Chase has no timeline for returning but plans to bring back employees to offices in stages.

The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.

Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.

The two sides say a deal to replenish the small-business loan program may be reached for a Senate vote early this week; big restaurant chains said to edge out small firms for loans.