Items Tagged with 'Ocwen mortgage settlement'


  • Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues

    Settlement will see Ocwen provide $2 million in restitution
    Ocwen will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged "widespread" mortgage servicing problems. The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017, which accused Ocwen of charging homeowners for "unnecessary and expensive force-placed insurance policies," imposing "excessive fees on delinquent borrowers," and failing to "properly process escrow and insurance payments."
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  • Ocwen reaches mortgage servicing settlements with two more states

    Also agrees to give company shares in class action settlement
    Ocwen Financial’s settlement streak is continuing, as the nonbank announced Wednesday that it reached settlements with two more states that will remove each state’s mortgage servicing restrictions on Ocwen’s business. Ocwen also disclosed that it finalized a class action settlement agreement over the nonbank restating its 2013 and 2014 earnings.
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  • Ocwen fined $1 million for force-placed insurance issues

    Runs afoul of National Mortgage Settlement guidelines
    Ocwen Financial will pay a fine of $1 million for running afoul of the terms of the National Mortgage Settlement by not properly refunding force-placed insurance premiums to certain borrowers during the first quarter of 2017. And because Ocwen previously failed the servicing metric in question in 2015, this most recent failure triggered a $1 million fine.
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