Ocwen Settles for $223 million with California for Mortgage Servicing Violations

iStock

Ocwen Settles for $223 million with California for Mortgage Servicing Violations

Mar, 3rd 2017

Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years.

The settlement includes a cash payment of $25 million. As part of the settlement, Ocwen is also required to provide an additional $198 million in debt forgiveness through loan modifications to existing California borrowers over a three-year period.

The terms of the new settlement are a far cry from Ocwen’s original California settlement.

In January 2015, Ocwen reached a settlement with the California Department of Business Oversight, which initially threatened to suspend Ocwen’s mortgage license because the company failed to turn over documentation showing that it complies with the state’s laws.

That settlement called...

Read More

Join Us. We are waiting for you!

Sign Up Today!

We welcome you to our community where you can gather and share information on debts and issues which may have your life unsettled. Together we thrive!


Logo mobile 4b2fda9e088d7249be95ede0cc3adea2de299a346ba55b450264e0c976b239c5

Join our community Today! IT'S FREE

Our Interactive Knowledge Base Has All The Infomation You Need To Settle Your Debt & Settle Your Life™

SIGN UP NOW!

Join, Resolve & Share!