California Regulator In Process Of Suspending Ocwen Financial's Mortgage License

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California Regulator In Process Of Suspending Ocwen Financial’s Mortgage License

California Regulator In Process Of Suspending Ocwen Financial’s Mortgage License

FORBES-

California regulators are seeking to suspend the mortgage license of Ocwen Financial, after the servicing giant did not adequately respond to repeated information requests into its compliance with the state’s Homeowner Bill of Rights. Suspension proceedings began in October, Tom Dresslar, a spokesperson for the California Department of Business Oversight told Forbes on Tuesday.

“Since the early part of last year, we have been asking Ocwen to provide the information we need to determine their compliance with the Homeowners Bill of Rights. They have repeatedly failed to comply with those requests,” Dresslar said. “At this point, we are seeking a suspension of their license. This matter is before an administrative law judge.”

After a series of complaints tied to Ocwen’s servicing of mortgages in California, state regulators began investigating the company to ensure its compliance with the California Homeowners Bill of Rights, a set of laws to protect against abusive foreclosure practices, in addition to the state’s Residential Mortgage Lending Act. According to a report from The Los Angeles Times, California examiners asked Ocwen to provide information on 1,320 mortgage loans under investigation. However, Ocwen repeatedly failed to respond.

[FORBES]

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