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Ocwen Financial settles with more states over alleged compliance deficiencies


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Ocwen Financial settles with more states over alleged compliance deficiencies

Ocwen Financial Corp. has entered into agreements with New Mexico, Virginia and West Virginia to resolve certain state regulatory actions over alleged compliance deficiencies related to the company's servicing and lending activities.

Ocwen recently announced similar settlements with 10 states. The terms of the new agreements are similar to those of the earlier ones pursuant to which, Ocwen will, among other things, not acquire any new residential mortgage servicing rights until April 30, 2018, and engage a third-party auditor to perform an analysis with respect to its compliance with certain federal and state laws.

Ocwen neither admitted nor denied liability in connection with the settlements, which do not contain any monetary fines or penalties.

Since two additional states have previously either withdrawn or allowed their respective cease and desist orders to expire, the total number of states Ocwen has settled with as of Oct. 3 is 15. Ocwen said it continues to seek timely resolutions with the remaining 16 regulatory agencies and two state attorneys general.

Additionally, the SEC informed Ocwen that it concluded two investigations involving the company. One was related to the use of collection agents by mortgage loan servicers, and the other to fees and expenses incurred in connection with liquidated loans and real estate owned properties held in nonagency residential mortgage-backed securities trusts. The SEC said it does not intend to recommend enforcement actions against Ocwen.