Tag Archives: New York Department of Financial Services

Reports of irregularities in the foreclosure practices of servicers throughout the industry sparked the investigating of PHH Mortgage, according to a recent release from New York’s Department of Financial Services.

Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) has ended with a $150 million settlement and the departure of its executive chairman, the company announced Monday.

Wells Fargo and Ocwen Financial have mutually agreed to cancel the sale of billions of dollars residential mortgage servicing rights after New York's top financial regulator put the deal on hold, according to multiple reports.

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.