NY regulator says Ocwen backdated foreclosure letters to borrowers

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NY regulator says Ocwen backdated foreclosure letters to borrowers

NY regulator says Ocwen backdated foreclosure letters to borrowers

Reuters-

Ocwen Financial Corp, one of the largest U.S. companies that collects mortgage payments, may have harmed hundreds of thousands of borrowers by sending them letters about loan modifications and foreclosures that were dated months earlier, New York’s financial regulator said on Tuesday.

The company, which has been under scrutiny by New York’s Department of Financial Services for loan-servicing problems, denied loan modifications in letters borrowers received more than 30 days after they were mailed, according to an Oct. 21 letter the regulator sent to Ocwen. Receiving the letter so late would have cut off the opportunity to appeal.

Ocwen also sent backdated letters to borrowers facing foreclosure that may have left them unable to avoid default, Benjamin Lawsky, the department’s superintendent, wrote in the letter to Ocwen general counsel Timothy Hayes.

[REUTERS]

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