Mortgage Servicer Ocwen Settles With State Regulators Over Escrow Claims

Ocwen Financial, Atlanta Headquarters, 2002 Summit Blvd.

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.

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