According to an article in the New York Times, William Erbey’s lines of business are starting to be questioned by those in the industry. Erbey built a servicing empire of mind-aching complexity, but his collection of companies are being tested.

Regulators and investors, which actually own most of the loans Ocwen services, are also questioning the unusual arrangements between Ocwen — “new co” backward — and four other publicly traded companies where Mr. Erbey is chairman. The companies do things from buying up delinquent loans to renting out foreclosed houses.

According to executives at Ocwen, all transactions between the companies are at “arm’s length,” but to some investors, it is not clear whether the companies are overcharging for their service and whether those costs are being passed on to the mortgage bond investors. Mr. Erbey said the company disclosed these costs, and they are consistent with industry standards.