Florida also alleges widespread servicing failures at Ocwen

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– The Consumer Financial protection bureau (cfpb) today sued one of the country’s largest nonbank mortgage loan servicers, Ocwen Financial Corporation, and its subsidiaries for failing borrowers at every stage of the mortgage servicing process. The Bureau alleges that Ocwen’s years of widespread errors, shortcuts, and runarounds cost some.

WASHINGTON-The Consumer Financial Protection Bureau has sued one of the country’s largest nonbank mortgage loan servicers, Ocwen Financial Corporation, and its subsidiaries for “failing borrowers at every stage of the mortgage servicing process.” The Bureau alleges that Ocwen’s years of “widespread errors, shortcuts, and runarounds.

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Florida also alleges widespread servicing failures at Ocwen April 20, 2017 RSS FEED No comments The Consumer Financial Protection Bureau and the members of the Multi-State Mortgage Committee were not the only ones to take action against Ocwen Financial on Thursday for the nonbank’s mortgage servicing practices.

 · The CFPB suit was filed against OFC and its subsidiaries "for failing borrowers at every stage of the mortgage servicing process." The Bureau alleges that the company’s years of "widespread.

 · On Jan. 23, 2015, the houston law firm of Gibbs & Bruns LLP, which represents holders of 25 percent of $82 billion of residential mortgage-backed securities (RMBS), alleges Ocwen had “material failures” in complying with the covenants that govern the bond issues.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x Indicate by check mark if the registrant is not required to file.

The Consumer Financial Protection Bureau (CFPB), the Florida Attorney General, and 25 state banking regulators, including the Massachusetts Division of Banks, have also recently initiated legal actions against Ocwen. The AG’s complaint alleges that Ocwen failed to respond to borrower disputes about their accounts and to correct account errors.

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The Bureau also alleges that Ocwen has failed to remediate borrowers for the harm it has caused, including the problems it has created for struggling borrowers who were in default on their loans or who had filed for bankruptcy. For these groups of borrowers, Ocwen’s servicing errors have been particularly costly. (Emphasis added.) 6.

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