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Ocwen settles with Maryland over servicing, lending activities


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Ocwen settles with Maryland over servicing, lending activities

Ocwen Financial Corp. has entered into an agreement with the state of Maryland 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 remit $500,000 to the Maryland regulator, and to pay amounts totaling up to about $1.5 million in the event it fails to comply with certain requirements of the agreement.

Moreover, the company will provide remediation to certain borrowers in the form of cash payments or credits to borrower accounts totaling approximately $273,500.

In addition, Ocwen is prohibited from repurchasing shares of its stock until Dec. 7.

The agreement with Maryland brings the total number of jurisdictions with whom the company has reached a resolution to 29.