Mortgage Servicer Ocwen Settles With State Regulators Over Escrow Claims
As part of the deals, Ocwen must hire an auditor for an escrow review of about 8,000 to 10,000 loans.
October 09, 2017 at 11:46 AM
3 minute read
John Disney
West Palm Beach-based Ocwen Financial Corp. entered agreements with 15 states, but is only halfway to resolving a rash of punitive actions against it by dozens of regulators and suits by two attorneys general.
The company did not admit or deny liability in any of the agreements, which include no monetary fines or penalties. But Ocwen will make extensive changes, including replacing its loan servicing platform, refusing to add new loans to its current system, and hiring an auditor for an escrow review of about 8,000 to 10,000 loans.
“Ocwen is pleased to have reached resolutions with three additional states to resolve regulatory actions brought against the company, bringing the total number of states where we have reached a resolution to 15,” spokesman John Lovallo wrote in a statement. “We continue to work cooperatively with the remaining 16 state regulatory agencies and two state attorneys generals to reach acceptable resolutions.”
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