Consumer Bureau Action Tracker

CFPB v. Ocwen Financial Corporation, Ocwen Mortgage Servicing, Inc., and Ocwen Loan Servicing, LLC


State

Nationwide

target

Ocwen Financial Corporation, Ocwen Mortgage Servicing, Inc., and Ocwen Loan Servicing, LLC

Topics

Enforcement, Mortgage Servicing

In April 2017, the CFPB sued Ocwen Financial “for the second time since 2013” for allegedly “illegally foreclosing on homeowners, failing to credit borrowers’ payments, botching escrow accounts, servicing loans using error-riddled information, and deceptively signing up and charging borrowers for add-on products.” The CFPB said that Ocwen had “failed to clean up their act” after having to “fork over $2 billion in relief to harmed borrowers” in 2013. This case is still pending.

  • “For the second time since 2013, the U.S. Consumer Financial Protection Bureau on Thursday sued Ocwen Financial over accusations of widespread misconduct in how it serviced borrowers’ loans, from foreclosure abuses to a basic failure to send accurate monthly statements.”

    “CFPB officials said that mortgage servicer Ocwen (OCN, -10.26%) and its subsidiaries have failed to clean up their act, even after the CFPB ordered Ocwen in December 2013 to fork over $2 billion in relief to harmed borrowers because of similar violations.”

    “The bureau said some of Ocwen’s alleged violations included illegally foreclosing on homeowners, failing to credit borrowers’ payments, botching escrow accounts, servicing loans using error-riddled information, and deceptively signing up and charging borrowers for add-on products.” [“Regulators Are Suing Subprime Mortgage Servicer Ocwen for Years of ‘Deceptive Practices'”, Reuters, 04/21/17]

Status

Active


9:17-CV-80495 4/20/2017 4/20/2017

CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process
http://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-ocwen-failing-borrowers-throughout-mortgage-servicing-process/

  • Consumer Financial Protection Bureau (CFPB)
  • Federal district court case
  • United States District Court Southern District of Florida West Palm Beach Division
  • Nonbank
  • Pending
  • Not Available

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