Ocwen settles servicing lawsuit with 10 states

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Ocwen settles servicing lawsuit with 10 states

Ocwen settles servicing lawsuit with 10 states

National Mortgage News-

Ocwen Financial has reached a settlement with 10 states under which it may not acquire servicing rights for eight months but will avoid financial penalties.

The settlement does not end the lawsuits filed in April against the West Palm Beach, Fla., company by the Consumer Financial Protection Bureau and 19 other states. In response, Ocwen sued the CPFB, challenging its constitutionality.

Allegations that Ocwen mishandled escrow accounts were at the heart of the actions brought by the 10 states that took part in the settlement, and are the subject of the pending suits.

[NATIONAL MORTGAGE NEWS]

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