LET US ALL BREATHE A SIGH OF RELIEF……… Ocwen Financial Corp., the nations largest non-bank has lost its servicing rights in two bond deals, announced Thursday. As well all know, dealing with Ocwen in both loan modifications and short sales is nothing short of exhausting. With time frames that don’t coincide with American business practices, agents that can barely speak English and downright have very little working knowledge of the mortgage industry is characteristic of Ocwen.
“Ocwens’ regulatory troubles over its servicing practices have been well-chronicled in the last two years. Alleged servicing violations have resulted in Ocwen settling for $150 million with the New York Department of Financial Services in December and $2.5 million with the California Department of Business Oversight in January 2015.
– Source: DS News February 26, 2015.
Wells Fargo agreed in 2014 to sell $39 billion of its mortgage servicing rights to Ocwen. But nine months later, they called off the deal. A lengthy investigation followed which found the Atlanta based service had sent backdated foreclosure notices to about 7,000 borrowers after it was too late for them to obtain loan modifications. This led to a $150 million settlement.
Earlier this week, Ocwen announced that it will be selling its portfolio to Nationstar.
BORROWERS IN FORECLOSURE: If you have a loan serviced by Ocwen or are in foreclosure and were provided a foreclosure notice by them, contact an attorney to assist you and fight for your rights.
We can review your documents and advise you free of charge of your rights. The first consult is always free.
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