Regulator looks to suspend Ocwen’s mortgage license

by MPA13 Jan 2015
The state of California is looking to suspend the mortgage license of Ocwen Financial Corp., claiming the payment collection firm has failed to turn over the right paper work showing it complies with the state’s laws protecting homeowners.

The action is the latest against the Atlanta-based servicer, which is currently dealing with a mountain of regulatory issues.  California is accusing Ocwen of defying requests for information by the California Department of Business Oversight (CDBO), which manages the licensing of nonbank mortgage lenders, according to the Los Angeles Times.

Tom Dresslar, spokesman for the state agency, told the newspaper that losing a California license would mean that Ocwen, based in Atlanta, would have to sell its rights to handle bill collection and foreclosures in the state.
 
This year has proven to be tough for the mortgage company. In February, Benjamin Lawsky, superintendent of New York's Department of Financial Services, put an “indefinite hold” on its $2.7 billion mortgage-servicing rights deal with Wells Fargo.
 
Then in October, Ocwen was accused of denying struggling borrowers the chance to fix loan problems and avoid foreclosures. The recent investigation by the New York's Department of Financial Services found that the company inappropriately backdated thousands of time-sensitive letters to mortgage borrowers and did not take action to fix the issue despite repeated notices of concern.

 

COMMENTS

  • by | 1/13/2015 10:40:15 AM

    Couldn't happen to a better group of jack asses.

  • by Patricia J Smith | 1/16/2015 8:33:57 PM

    They only provide "dribs and drabs", to a governmental entity? Imagine what a homeowner endures.

  • by struggling homeowner | 8/18/2015 10:17:14 AM

    Ocwen is such a rip off they will not provide the information requested, they not only back date letters the loose payments regardless of us sending in canceled checks that have cleared the bank they still will not let the current payments show on our account and reflect the payments, they are making false documentation on our account we get hit monthly with a fee that they are sending someone out to check on our property once a month and we currently live in our home and have not been late and are up to date on payments but they are not allowing our pay history to reflect on our credit report and so they can pretty much do what they want to do and make false documentation on individual files and nothing happens to them in the words of Senator Elizabeth Warren (Are Banks too BIG to Fail) they should have been shut down years ago. the LOOSERS

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