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Ocwen settles with Massachusetts over alleged compliance deficiencies


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Ocwen settles with Massachusetts over alleged compliance deficiencies

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

The terms of the settlement are similar to a prior agreement. In addition to those terms, Ocwen agreed to pay $1 million to the Commonwealth of Massachusetts Mortgage Education Trust.

Moreover, the company and the Massachusetts regulatory agency also agreed on a schedule pursuant to which Ocwen will regain eligibility to acquire residential mortgage servicing rights on Massachusetts loans as it meets certain thresholds in its transition to a new servicing platform.

All restrictions on Massachusetts mortgage servicing rights acquisitions will be lifted when Ocwen completes the second phase of a three-phase data integrity audit, which will be conducted by an independent third party following completion of Ocwen's servicing platform transition. Ocwen also agreed to certain additional review and remediation obligations.

The agreement with Massachusetts brings the total number of jurisdictions with whom the company has reached a resolution to 30. With this resolution, the company has resolved all of the administrative actions, but not all of the legal actions, taken by state regulators in April 2017.