OCWEN OFF THE HOOK—-UNTIL THE NEXT TIME

Posted by on Apr 1, 2017 in Questions and Answers | 0 comments

Ocwen Financial Corporation (OCN) announced a comprehensive settlement and termination of the January 2015 Consent Order between Ocwen Loan Servicing, LLC and the State of California Department of Business Oversight (DBO), without admitting any wrongdoing.

Under this settlement, the DBO will lift its restriction on Ocwen’s ability to acquire mortgage servicing rights associated with California properties, and will terminate the engagement of the independent  auditor, which had been in place under the prior Consent Order.

In addition, Ocwen has agreed to pay a cash settlement of $25 million to the DBO. Ocwen will also provide an additional $198 million in debt forgiveness through loan modifications to existing California borrowers over a three year period.

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, originates and services loans. They are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands and operations in India and the Philippines.

If you need further help with this or any other issue, please call Attorney Linda Fessler at 213-446-6766 for a free consultation.

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