Ocwen FinancialCorp. has fulfilled its consumer relief requirements under the National Mortgage Settlement.
Ocwen provided more than $2.1 billion in first lien mortgagemodifications to 23,802 eligible distressed borrowers from Nov. 3, 2014, throughSept. 30, 2015. It was required to provide $2 billion in principal reductions tohomeowners facing risk of foreclosure by Feb. 27, 2017, under the National MortgageSettlement.
National Mortgage Settlement Monitor Joseph Smith Jr. in hislatest report confirmed that the company took appropriate actions to gain compliancewith National Mortgage Settlement obligations and passed all tested metrics in thefirst and second quarters of 2015.
Ocwen worked with the Office of Mortgage Settlement Oversightto resolve matters associated with Metric 31 for which the company had exceededthe error threshold in the third calendar quarter of 2014. Smith indicated in thereport that the company's corrective action plan for Metric 31 was approved, andOcwen reported that the plan was implemented completely as of March 8.
Ocwen referred more than 19,000 loans to foreclosure, completedabout 7,000 foreclosures and completed more than 16,600 loan modifications duringthe first quarter of 2016.