Ocwen to hire independent firm to probe backdated foreclosure letters

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Ocwen to hire independent firm to probe backdated foreclosure letters

Ocwen to hire independent firm to probe backdated foreclosure letters

What is there to probe?

 

Daily Mail-

Ocwen Financial Corp said it was hiring an independent firm to investigate how the mortgage servicer had sent backdated letters to borrowers about loan modifications and foreclosures and the reason for the delay in fixing the issue.

Hundreds of thousands of borrowers facing foreclosure may have been harmed after they received letters from Ocwen with cure dates that had passed months earlier, New York Financial Services said on Tuesday.

The company denied them loan modifications in letters that they received more than 30 days after they were mailed, cutting off an opportunity to appeal, according to an Oct. 21 letter from the New York Financial Services to Ocwen.

Ocwen’s Chief Executive Ron Faris wrote a letter to homeowners on Friday apologizing for the improperly dated letters, as well as to clarify what happened, explain the actions the company had taken to address the issue, “and to commit to ensuring that no borrower suffers as a result of our mistakes”.

[DAILY MAIL

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