Consumer Bureau Action Tracker

CFPB v. Ocwen Financial Corp


State

Nationwide

target

Ocwen Financial Corp, Ocwen Loan Servicing, LLC

Topics

Enforcement, Mortgages

The CFPB along with 49 state attorneys general and the Attorney General of the District of Columbia sued Ocwen for having allegedly “provided false and misleading information to borrowers about their accounts, denied loan modifications to eligible borrowers, robo-signed court documents through the foreclosure process, and miscalculated interest rates and other fees.” Ocwen reached a deal with the plaintiffs that required Ocwen to “provide $2 billion in principal forgiveness to modify loans to underwriting borrowers and $125 million in refunds to up to 185,000 customers who lost their homes to foreclosure from 2009 to 2012.”

  • In a December 2013 deal with the Consumer Financial Protection Bureau, Ocwen was required to “provide $2 billion in principal forgiveness to modify loans to underwriting borrowers and $125 million in refunds to up to 185,000 customers who lost their homes to foreclosure from 2009 to 2012. The CFPB and state authorities had charged that Ocwen provided false and misleading information to borrowers about their accounts, denied loan modifications to eligible borrowers, robo-signed court documents through the foreclosure process, and miscalculated interest rates and other fees.” [Kate Berry, “Lawsky’s Move Raises Tough Questions for Ocwen, Servicing Market,” American Banker, 02/13/14]

Status

Inactive or Resolved


13-cv-2025 (RMC) 12/19/2013 2/26/2014

CFPB, State Authorities Order Ocwen to Provide $2 Billion in Relief to Homeowners for Servicing Wrongs
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/ocwen-financial-corp-and-ocwen-loan-servicing-llc/

  • Consumer Financial Protection Bureau (CFPB)
  • Federal district court case
  • U.S. District Court for the District of Columbia
  • Nonbank
  • $125,000,000
  • 185,000

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