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Mortgage

Judge tosses Ocwen home inspection lawsuit

Ends one of several lawsuits against Ocwen

A federal judge dismissed a class action lawsuit accusing Ocwen Financial (OCN) of fraudulently billing hundreds of thousands of homeowners for needless property inspections. Per Reuters:  

The order by U.S. District Judge Otis Wright in Los Angeles on Thursday ends one of several lawsuits across the country accusing mortgage servicers of charging excessive fees after homeowners miss mortgage payments, pushing them further into debt.

According to the article, while the lawsuit said Ocwen decided to "game the system" by charging borrowers unreasonable fees for property inspections, the judge said the homeowners had no right to enforce the Fannie Mae guidelines because they were not a party to them.

Homeowners' entire theory of wrongdoing depended on the servicing guidelines, and without them they had no case, he said.

"We are pleased and agree with the decision of the court," Ocwen spokesman John Lovallo told HousingWire.

Ocwen continues to make headlines in the industry. Earlier this week, the company announced that after conducting a “strategic review” of its operations, it is shutting down its residential mortgage servicing operations at its facility in Houston.

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