• Money

    Ocwen reaches $223 million settlement with California over servicing violations

    LendingServicing

    Mortgage servicing restrictions lifted, can now acquire California MSRs


  • LendingServicing

    Mortgage servicing restrictions lifted, can now acquire California MSRs

    Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.

This month in
HousingWire magazine

Cover Story
February 2017

Mortgage servicing boom

In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.

Feature

Servicing under Trump's administration

Servicing