New Troubles for Embattled Loan Servicer Ocwen
New troubles are brewing for embattled mortgage loan servicer Ocwen Financial Corp., hit Thursday with two high-profile lawsuits by the Consumer Financial Protection Bureau and Florida Attorney General Pam Bondi.
April 20, 2017 at 09:23 PM
3 minute read
New troubles are brewing for embattled mortgage loan servicer Ocwen Financial Corp., hit Thursday with two high-profile lawsuits by the Consumer Financial Protection Bureau and Florida Attorney General Pam Bondi.
More fallout immediately followed, with several state financial regulators also issuing license revocations and cease-and-desist orders for alleged escrow management violations, according to the CFPB.
West Palm Beach-based Ocwen is one of the nation's largest nonbank loan servicers. It handles administrative tasks on behalf of lenders by collecting payments, handling billing and performing other duties. But the federal consumer finance market watchdog accused it of “failing borrowers at every stage” through “years of widespread errors, shortcuts and runarounds.” It claimed Ocwen illegally foreclosed loans, “botched basic functions,” deceptively charged for add-on products, failed to credit borrower accounts and caused homeowners' insurance coverage to lapse for more than 10,000 customers, among other missteps.
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