Ocwen to pay $1m in settlement with yet another state

by Ryan Smith26 Mar 2018

Ocwen Financial Corporation has reached an agreement with another state over last year’s regulatory actions against the company.

The servicing giant has reached an accord with the state of Massachusetts, bringing the total number of jurisdictions where the company has reached a resolution up to 30.

The company’s troubles began in April of 2017, when about 20 states simultaneously filed regulatory orders against it, citing servicing abuses. The orders effectively crippled Ocwen’s ability to do business in those states. In the same week, the company was sued by the Consumer Financial Protection Bureau, which alleged that it had “botched basic functions” in servicing loans.

In subsequent weeks, more jurisdictions hit Ocwen with regulatory orders, eventually bringing the total up to 30 states plus the District of Columbia. In recent months, Ocwen has been pursuing settlements with the states.

Ocwen has entered into an agreement with Massachusetts with terms similar to those in previous agreements, the company announced in a filing with the Securities and Exchange Commission. The company also agreed to pay $1 million to the Commonwealth of Massachusetts Mortgage Education Trust. Ocwen will also have to meet certain requirements to regain the ability to acquire residential mortgage servicing rights on loans in the state.

“Ocwen is pleased to have reached resolution with Massachusetts to resolve regulatory action brought against the company,” said Ocwen spokesperson John Lovallo. “…Ocwen continues to seek resolutions with the Massachusetts attorney general, which brought separate proceedings against Ocwen, and the Florida attorney general, which brought a proceeding together with the Florida regulatory agency.”

 
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