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Home >> News >> Servicing

Settlement Monitor Finds Problems in Ocwen Review

Settlement Monitor Finds Problems in Ocwen Review

In an update on his continued oversight of the landmark agreement, Joseph Smith Jr. revealed doubts about the internal review group Ocwen is using to monitor the company's compliance with settlement terms. Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process."

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Lenders Bring Up Origination Volumes in Q3

Lenders Bring Up Origination Volumes in Q3

Mortgage lenders originated an estimated $320 billion in loans throughout Q3, according to information collected by Mortgage Daily. While up nearly 8 percent from the second quarter's total of about $300 billion, third-quarter volumes fell short of year-ago levels by 31 percent.

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Rushmore Opens Puerto Rico Branch

Rushmore Opens Puerto Rico Branch

Rushmore's newest office, which opened in San Juan on November 3, is the third location for the firm, which services performing, re-performing, and non-performing loans. It is also the first branch to open outside of the continental United States.

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Ocwen, Wells Fargo Call Off Major MSR Deal

Ocwen, Wells Fargo Call Off Major MSR Deal

Wells Fargo, the nation's top mortgage lender, had agreed to sell $39 billion worth of mortgage servicing rights to Atlanta-based Ocwen, the nation's largest non-bank mortgage servicer, early this year. In February 2014, the transaction was delayed indefinitely by Benjamin Lawsky, head of New York's Department of Financial Services.

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Ocwen Sets Aside $100M for Possible Servicing Settlement

Ocwen Sets Aside $100M for Possible Servicing Settlement

Ocwen Financial, the nation's top non-bank mortgage servicer, announced Thursday that the company has taken a $100 million charge for a potential settlement regarding claims that it sent backdated foreclosure notices to thousands of borrowers. In a conference call with analysts, Ocwen executive chairman William Erbey left open the possibility that legal costs could drive the $100 million amount higher.

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