Regulators list many mortgage errors at Ocwen Financial
Regulators list many mortgage errors at Ocwen Financial
21 April, 2017, 04:46
In addition, authorities in Florida, North Carolina, and at least 18 other states have issued cease-and-desist orders against Ocwen to address mishandling of consumer escrow accounts and a deficient financial condition, specifically prohibiting Ocwen from acquiring new mortgage servicing rights and originating mortgage loans.
The survival of one of the nation's largest nonbank mortgage servicing companies was thrown into question Thursday as the company was hit with federal and state lawsuits, including a cease-and-desist order in MI, for allegedly failing borrowers with mistakes, shortcuts and other problems that cost some people their homes.
Failed to properly credit numerous borrowers' loan payments and failed to send accurate statements. Ocwen, through its subsidiaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally.
The U.S. Consumer Financial Protection Bureau, described its lawsuit, stating Ocwen and its subsidiaries failed borrowers at "every stage of the mortgage servicing process" and committed "years of widespread errors, shortcuts, and runarounds".
Florida Attorney General Pam Bondi (R) on Thursday filed a separate federal suit against Ocwen before the same court.
A spokesman for Ocwen said a statement was forthcoming.
The Office of Financial Regulation said the state will assist homeowners whose mortgages are serviced or have been serviced by Ocwen. Ocwen is one of the largest non-bank mortgage servicing companies in the country, and many of its clients hold subprime mortgages.
Ocwen is one of the country's largest nonbank mortgage servicers, servicing nearly 1.4 million loans. "Borrowers have no say over who services their mortgage, so the Bureau will remain vigilant to ensure they get fair treatment".
If you are anOcwen shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. The frustrating and expensive experience of one consumer cited in the CFPB lawsuit illustrated the problems some borrowers confronted when dealing with Ocwen. As a result, she said the company "changed her status to delinquent in May 2016, charged her late fees, and made disruptive and embarrassing collection calls to her at her home and work", the CFPB lawsuit alleged. Instead, the company accused the consumer watchdog of conducting a "flawed review of data" and reaching a "self-servicing conclusion about isolated instances where Ocwen self-identified ways we can do better". If you email, please include your phone number.
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