Ocwen admits to faulty letters to borrowers

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Ocwen admits to faulty letters to borrowers

Ocwen admits to faulty letters to borrowers

OCWEN-

Ocwen Addresses Letter From New York Department of Financial Services

 

ATLANTA, Oct. 21, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN), the nation’s largest independent mortgage servicer, today made the following statement in response to a letter it received from the New York Department of Financial Services (“DFS”) related to erroneously dated borrower correspondence, and subsequent media coverage of the DFS’s letter.

“Ocwen regrets that, due to software errors in our correspondence systems, we inadvertently sent improperly dated letters to some borrowers. As always, our goal is to avoid foreclosure. In the case of the 283 borrowers in New York who received letters with incorrect dates, 281 are currently borrowers with us. We are continuing to review the rest of the cases. We believe that we have resolved the letter dating issues that have been identified to date, and we continue our investigation as to whether there are additional letter dating issues that need to be resolved. We are working with and fully cooperating with DFS and the Monitor to address their concerns.”

source: http://shareholders.ocwen.com/releasedetail.cfm?ReleaseID=877318

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