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Ocwen hit with $900K fine over unlicensed offshore affiliates

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Mortgage Professional America | 29 Aug 2016, 09:16 AM Agree 0
Washington State has fined the servicing company over its use of offshore companies to handle mortgage servicing activities
  • | | 29 Aug 2016, 12:50 PM Agree 0
    I hope other states follow suit. Trying to sell a short sale and coordinating with Ocwen personnel in India who barely spoke English and had absolutely no understanding of the home sale process in the U.S., has been nothing less than a nightmare and total abuse of the time of licensed agents in this country. Ocwen's use of offshore personnel is totally inappropriate for real estate brokerage business.
  • waterboy | | 29 Aug 2016, 01:43 PM Agree 0
    Ocwen personnel had NO desire to help in any way with any transaction I had with them. Ocwen deserves to be charged in EVERY state for their ineptness and total disregard for its customers and the Realtors who tried to work with them
  • small broker | | 29 Aug 2016, 04:18 PM Agree 0
    Same Stuff, Different Day - Why should the fine be paid by the stockholders who had nothing to do with the illegal activity? Why shouldn't the top managers, like the CEO, pay the fine personally for engaging in illegal activity?
  • | | 29 Aug 2016, 07:26 PM Agree 0
    As usual, no handcuffs, no jail, no criminal prosecution. White collar crime does pay!……………….for both the corporate criminals and the bureaucrats.
    In the past, government regulators would bolt the doors of shady institutions but since the 1990s they learned to just allow the big corporations to remain in business so they can revisit them from time to time in order to shake them down for generous fines and fees
    (knowing that leopards are unable to change their spots).
  • objectiv1 | | 29 Aug 2016, 07:35 PM Agree 0
    Their offshore reps play dumb! In fact they enjoy their dirty work and take great pride in running troubled borrowers in circles.
    I have had the privilege of meeting one who visited the US on business. He broke the whole story on that game that Ocwen and other creepy lenders like to play.
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