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Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation — SHAREHOLDER ALERT
21 April 2017, 03:16 | Jan Cross
Ocwen Sued by CFPB as Regulators Question Company's Survival
It said the company would go after borrowers long before verifying whether the debt was valid, allegedly foreclosed illegally on at least 1,000 homeowners, and charged borrowers for add-on products without their consent.
Founded in 1988, Ocwen has more than 9,000 employees and services mortgage loans in all 50 states and the District of Columbia. Ocwen, through its subsidiaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally.
News of the complaints sent Ocwen's shares plummeting Thursday by almost 54 percent on the Nasdaq.
State and federal agencies on Thursday filedlawsuits against Ocwen Financial Corp., accusing the West Palm Beach-based company and its subsidiaries of repeated mortgage-servicing abuses.
It added that numerous issues were addressed in its 2013 settlement with the CFPB and that the allegations in the new complaint represent "only a small percentage of Ocwen's 1.3 million customers".
Those are just a few of the violations the CFPB alleged in its 93-page complaint. The company's shares fell as much as 61 percent to $2.12.
Ocwen, in a statement, said it "strongly disputes" the CFPB's accusations.
Ocwen is one of the country's largest nonbank mortgage servicers, servicing nearly 1.4 million loans.
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Michigan consumers who are having issues with their Ocwen mortgage payments or would like further information are asked to contact the Michigan Department of Insurance and Financial Services at 844-987-3437. Mortgage servicers handle payment collection, loan modification and foreclosures. In some cases, Ocwen requested more information from borrowers, but foreclosed before the deadline.
Even executives at Ocwen seemed to be aware that its software was failing. Ocwen also agreed to provide $150 million in relief for borrowers.
A department spokeswoman said that Ocwen handles just over 45,000 loans in MI.
Ocwen submitted a plan to a group of more than 20 state regulators in January to fix the escrow accounts, and said that reconciling the accounts would cost $1.5 billion, and would be "well beyond Ocwen's financial capacity to fund", according to a North Carolina cease-and-desist order.
Regulators said when consumers complained to Ocwen, the company routinely failed to acknowledge or investigate the grievances.
Florida Attorney General Pam Bondi (R) on Thursday filed a separate federal suit against Ocwen before the same court.
Ocwen has been in regulatory trouble before.
Numerous errors, the CFPB says, came about through Ocwen's flawed proprietary servicing system that the company's servicing head once referred to as a "train wreck".
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