Ocwen Loan Servicing, LLC offers and services residential mortgage loans. Its loan servicing includes customer service, collections, investor accounting, escrow, loss mitigation, foreclosure, and property disposition. It services mortgage backed securitized and unsecuritized loans and securities. The company was founded in 1989 and is based in West Palm Beach, Florida. Ocwen Loan Servicing, LLC operates as a subsidiary of Ocwen Financial Corp.
1661 Worthington Road
West Palm Beach, FL 33409
Founded in 1989
Berger & Montague, P.C. Files Class Action Lawsuit on Behalf of Homeowners Against Ocwen Loan Servicing
May 19 14
On behalf of homeowners, the law firm of Berger & Montague, P.C. has filed a class action complaint in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges that Ocwen Loan Servicing, LLC violated the law by failing to timely present to county clerks documents proving that mortgage loans have been satisfied. The complaint is brought on behalf of Pennsylvania homeowners whose mortgage loans have been serviced by Ocwen and who paid in full all amounts due under their mortgages pursuant to a payoff quote provided by Ocwen. These homeowners subsequently requested that Ocwen record a document proving that the mortgage loan has been satisfied and paid off. But Ocwen failed to do so within 60 days of its receipt of the borrower's written request. On this basis, plaintiff alleges that Ocwen has violated Pennsylvania's Mortgage Satisfaction Act, and the federal Real Estate Settlement Procedures Act.
Wells Fargo Bank, N.A. Signs on Agreement with Ocwen Loan Servicing LLC to Sell Mortgage Servicing Rights on Approximately 184,000 Loans
Jan 22 14
Wells Fargo & Co. announced that Wells Fargo Bank, N.A. has signed an agreement with Ocwen Loan Servicing LLC for the sale of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion, or approximately 2% of Wells Fargo's total residential servicing portfolio as of the end of fourth quarter 2013. The loans underlying the residential mortgage servicing rights sold are primarily owned by private investors and were not originated or owned by Wells Fargo. The loans are serviced under the trade name, America's Servicing Company.
Attorney Announces $2.1 Billion National Settlement with Ocwen Financial Corporation, Ocwen Loan Servicing, Homeward Residential Inc. and Litton Home Servicing LP
Dec 19 13
Attorney General Luther Strange announced a $2.1 billion national settlement with Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to address mortgage issues. The joint state-federal settlement was joined by 49 states, the District of Columbia and the Consumer Financial Protection Bureau (CFPB). The settlement terms address servicing misconduct by Ocwen, and two companies later acquired by Ocwen, Homeward Residential Inc. and Litton Home Servicing LP. According to a complaint being filed in the U.S. District Court for the District of Columbia, the misconduct resulted in premature and unauthorized foreclosures, violations of homeowners rights and protections, and the use of false and deceptive documents and affidavits, including robo-signing. The settlement with the mortgage servicer is the result of a civil law enforcement investigation and initiative that includes state Attorneys General, state mortgage regulators and the CFPB. Through a court order, the settlement holds Ocwen accountable for past mortgage servicing and foreclosure abuses, provides relief to homeowners, and stops future fraud and abuse. The issues in the Ocwen case are similar to the problems uncovered in previous mortgage servicing cases, and this settlement holds Ocwen accountable for their actions. Under the settlement, Ocwen agreed to $2 billion in first-lien principal reduction, and $125 million for cash payments to borrowers on nearly 185,000 foreclosed loans. In Alabama, Ocwen will provide about 1,817 troubled borrowers with an estimated $9.4 million in first lien principal reductions. An undetermined number of Alabama homeowners whose loans have already been foreclosed may be eligible for cash payments. The payment amount, which is contingent on the number of consumers who submit valid claims, is projected to exceed $1,000. Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, also will oversee the Ocwen agreements implementation and compliance. Ocwen agreement highlights: Ocwen commits to $2 billion in first-lien principal reduction; Ocwen pays $125 million cash to borrowers associated with 183,984 foreclosed loans; Homeowners receive comprehensive new protections from new mortgage loan servicing and foreclosure standards. An independent monitor will oversee implementation of the settlement to ensure compliance. The government can pursue civil claims outside of the agreement, and any criminal case; borrowers and investors can pursue individual, institutional or class action cases regardless of the agreement. Ocwen pays $2.3 million for settlement administration costs. The final agreement, through a consent judgment, is being filed on December 19, 2013 in U.S. District Court in Washington, D.C. If approved by a judge, it will have the authority of a court order. Because of the complexity of the mortgage market and this agreement, which will span a three year period, in some cases Ocwen will contact borrowers directly regarding principal reductions.