SHAREHOLDER ALERT: Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation

21 April, 2017, 03:28 | Author: Leticia Walters
  • Consumer Financial Protection Bureau Director Richard Cordray listens to a speaker during a a hearing in Denver. State and federal authorities are suing Ocwen Financial Corp. saying the mortgage servici

Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by Ocwen Financial Corporation (NYSE: OCN) and certain of its officers.

In its complaint, the bureau claims Ocwen did not properly address complaints about mortgage servicing from customers over a period lasting several years, nor did the company's leadership listen to other executives who warned about inaccurate information caused by systemic failures in a proprietary software system aimed at streamlining the servicing process.

In a cease-and-desist order, the North Carolina commissioner said that according to a business plan Ocwen submitted to the state regulators, the company might not be able to remain afloat if it fixed all its problems, given the considerable costs to its systems and anticipated regulatory penalties.

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. Instead, Ocwen suggested that the state use a representative sample of 457 accounts out of more than 2.5 million - a proposal that the committee rejected.

US and state officials sued Ocwen Financial Corp.

Ocwen was "unaware" of any comprehensive CFPB review of mortgage servicing practices, the statement said.

"Ocwen strongly disputes the CFPB's claim that Ocwen's mortgage loan servicing practices have caused substantial consumer harm", the company said in a written statement. The CFPB's complaint, filed today, alleged the Ocwen "engaged in significant and systemic misconduct at almost every stage of the mortgage servicing process".

However, Florida Attorney General Pam Bondi and the state's financial regulatory agency separately accused Ocwen of filing illegal foreclosures, failing to pay insurance premiums from escrow accounts and collecting excessive fees.

A spokesman for Ocwen said a statement was forthcoming.

Ocwen is one of the country's largest nonbank mortgage servicers, servicing nearly 1.4 million loans. The frustrating and expensive experience of one consumer cited in the CFPB lawsuit illustrated the problems some borrowers confronted when dealing with Ocwen.

Ocwen said it received the orders from state regulators and "are in the process of reviewing them in detail".

If you are an Ocwen shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. The CFPB went after Ocwen in 2013, again alleging that the company had failed to services its loans improperly. "I can't tell you the number of hours I and others spend on basic servicing technology blocking and tackling".

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