• Ocwen17.29-4.61 -21.05%
  • Zillow109.4991+0.5991 +0.55%
  • Trulia47.24+0.16 +0.34%
  • NationStar31.65-0.37 -1.16%
  • CoreLogic31.64+0.06 +0.19%
  • RE/MAX34.39+0.15 +0.44%
  • Fannie Mae2.24-0.02 -0.88%
  • Freddie Mac2.18-0.04 -1.80%
  • Wells Fargo54.85+0.40 +0.73%
  • CitiMortgage53.87-0.14 -0.26%
  • Bank of America17.615-0.005 -0.03%
  • Fidelity National Financial33.63-0.15 -0.44%
  • First American32.94-0.15 -0.45%
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  • USDJPY=X119.9825N/A N/A
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Home | Tag Archives: Ocwen

Tag Archives: Ocwen

Monitor Expresses Doubts About Servicer’s Internal Review Group for Settlement


Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process." The investigation included interviews with nine company executives and employees and a review of thousands of documents, he said. The monitor also said that he has taken steps to strengthen the review process of all servicers' review groups, including adding employee interviews, additional reviews at various steps in the testing process, and the establishment of an ethics hotline so that whistleblowers can easily and anonymously report concerns.

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Ocwen Hit with Class Action Suit


A Pennsylvania law firm announced Wednesday it has filed a class action lawsuit against Ocwen, claiming the company misled shareholders about its practices and earnings. In a complaint filed with the U.S. District Court for Southern Florida, the Law Offices of Howard G. Smith, a firm focused on representing investors, accused the Atlanta-based mortgage company of failing to disclose to its shareholders that its servicing practices "violated applicable regulations and laws" and that its executives were involved in funneling millions of dollars in fees through Altisource Portfolio Solutions, a related company.

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Ocwen to Pay $3.7M to Massachusetts Homeowners

Ocwen, the nation's fourth largest mortgage servicer, has agreed to pay $3.7 million to resolve allegations that it failed to give notice to homeowners, and that the company unlawfully foreclosed on properties in Massachusetts. The announcement came from the state's Attorney General Martha Coakley, who alleged the non-bank servicer failed to follow Massachusetts law when handling certain mortgage loans.

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Ocwen No Longer Requiring Gag Orders on Loan Mods

Mortgage Debt Relief

In a report originally in Reuters, Ocwen will stop requiring gag orders, which disallowed some homeowners from criticizing the company publicly in exchange for having their loan terms modified, according to New York State's Superintendent of Financial Services Benjamin Lawsky.

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Mortgage Collectors Silence Homeowners with ‘Gag Orders’

A curious piece of text is appearing in some homeowner's loan modification agreements—by accepting a modification from a bank or non-bank servicer, the homeowner agrees to never publicly say, write, or post anything negative about the company doing the modification. Originally in a report from Reuters, Ocwen, Bank of America, and PNC Financial Services Group are adding new terms to their modification contracts to prevent homeowners from publicly disparaging the companies.

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Lawsky to Look at Fee-Based Services at Non-Banks

Superintendent Benjamin Lawsky of New York's Department of Financial Services said the agency plans to dig into fee-based ancillary services at non-banks such as Ocwen andNationstar. While Lawsky said there's "nothing inherently wrong" with companies and affiliates providing ancillary services—ranging from debt collection to loan sales—he asserted that a lack of regulatory oversight up to this point has resulted in "potentially conflicted arrangements" between servicers and their affiliates.

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5 of 6 Banks Meet Mortgage Settlement Expectations

More than two years after the announcement of an historic settlement between 49 state attorneys general and some of the country's largest servicers, most are living up to compliance standards, a new report shows. According to examination results released by the Office of Mortgage Settlement Oversight, five of the six banks met or exceeded expectations across 29 different compliance metrics in the third and fourth quarters of 2013.

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