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Ocwen settles with Connecticut over alleged compliance deficiencies

Ocwen Financial Corp. has entered into an agreement with the state of Connecticut to settle regulatory actions taken against the company over its servicing and lending activities.

The terms of the settlement are similar to prior agreements. In addition to those terms, the company agreed with the Connecticut regulatory agency on certain additional communications and certain review and reporting obligations and to pay certain amounts totaling up to $500,000. Ocwen will, however, only pay the amount in the event that it fails to comply with certain requirements under its agreement with Connecticut.

The agreement with Connecticut brings the total number of jurisdictions where the company has reached a resolution to 28.