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New York Probes Ocwen Over Home Insurance Deals

New York’s banking regulator asked Ocwen Financial Corp. for information about an insurance agreement that it says may be designed to funnel fees to an affiliate for minimal work.

Benjamin Lawsky, the superintendent of the Department of Financial Services, is reviewing the mortgage-servicing firm’s arrangement with Altisource Portfolio Solutions SA, which he described as “troubling,” according to a letter dated today that was obtained by Bloomberg News.