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Ocwen settles with more states over alleged compliance deficiencies

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Ocwen settles with more states over alleged compliance deficiencies

Ocwen Financial Corp. has reached settlements with Arkansas and the District of Columbia to resolve certain state regulatory actions over allegations of deficiencies related to its servicing and lending activities.

Ocwen recently announced similar settlements with 17 states, and the terms of the new agreements are similar to those of the previous ones.

The latest agreements prevent Ocwen, among other things, from acquiring any new residential mortgage servicing rights until April 30, 2018. The agreements also require the company to engage a third-party auditor to perform an analysis with respect to its compliance with certain federal and state laws.

Additionally, Ocwen entered into an agreement to resolve the regulatory action brought by Tennessee on separate terms that addressed concerns generally related to financial reporting.

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

The total number of jurisdictions where Ocwen has reached a resolution is 20 as of Oct. 16.