Ocwen Financial Corp. the mortgage servicer was recently hit with 20 states issuing cease-and-desist orders. The Consumer Financial Protection Bureau soon followed with a lawsuit. The orders demanded that Ocwen not acquire any new servicing rights and residential mortgages until such time as the company can prove that it is financial viable and it justifies its collection and calculation procedures associated with consumer fraud. Ocwen signed a Memorandum of Understand promising it would turn over certain documents. After Ocwen failed to do so regulators found that Ocwen was still operating outside regulations. “Ocwen has engaged in, is engaging in, or is about to engage in acts or practices which warrant the belief that the company is not operating honestly, fairly, soundly, and efficiently in the public interest, and/or in violation of standards governing the licensing and conduct of a mortgage loan servicer,” the North Carolina filing read. “The public interest will be irreparably harmed by delay in issuing a cease and desist order to Ocwen.” If you have questions you can always contact The Kelly Legal Group, PLLC at (512) 505-0053.
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