Wells Fargo has agreed to pay more than $4 million in penalties in redress over allegations of misconduct related to loan qualifications and an illegal home equity product offered by a former affiliate to borrowers in New York.
Read More »Investors, Experts React to Ocwen Settlement
A day after Ocwen Financial Corp. announced a multi-million dollar agreement to resolve investigations by New York's top regulator, investors and market watchers remain skeptical that the company's problems are settled.
Read More »Ocwen Reaches Settlement with New York Regulator
Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) has ended with a $150 million settlement and the departure of its executive chairman, the company announced Monday.
Read More »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.
Read More »Top New York Bank Regulator Rumored to be Stepping Down
According to multiple reports, Benjamin Lawsky, Superintendent of the New York Department of Financial Services, is considering stepping down from his post and entering the private sector in 2015. Lawsky has made a name for himself by aggressively regulating financial institutions doing business in New York,
Read More »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.
Read More »New York Reg Hits Ocwen on Backdated Foreclosure Notices
New York's top banking supervisor once again set his sights on Ocwen Financial Corp. this week, saying the non-bank servicer sent thousands of foreclosure warnings to borrowers months after it was too late to save their homes.
Read More »Shareholder Firm Files Class Action Against Ocwen
In a complaint filed with the U.S. District Court for Southern Florida, the Law Offices of Howard G. Smith, a firm focused on representing investors, accused the Atlanta-based mortgage company of failing to disclose to its shareholders that its servicing practices "violated applicable regulations and laws" and that its executives were involved in funneling millions of dollars in fees through Altisource Portfolio Solutions, a related company.
Read More »New York Reg to Expand Probe into Non-Bank Practices
The New York regulator who earlier this year launched a probe into the practices of non-bank mortgage servicers revealed Tuesday he plans to expand his investigations. Delivering remarks at the Mortgage Bankers Association' 2014 National Secondary Market Conference, Superintendent Benjamin Lawsky of New York's Department of Financial Services said the agency plans to dig into fee-based ancillary services at non-banks such as Ocwen and Nationstar.
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