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...While such companies sell on the mortgages they originate, they continue to service the loans, collecting payments and passing them to bondholders....
...Ocwen Financial and QuisLex US mortgage provider Ocwen and law company QuisLex have developed a process to analyse long and complex contracts, including mortgage-backed securitisations....
...A year later, Mr Erbey was forced to step down as chairman as part of a settlement with Benjamin Lawsky, then superintendent of New York’s Department of Financial Services, who had accused Ocwen and its...
...More logical would be to criticise the CFPB’s action against PHH Corporation, a listed mortgage lender, whose shares fell by a third in the summer of 2015 after the consumer watchdog increased a penalty...
...“Ocwen believes its mortgage loan servicing practices have and continue to result in substantial benefits to consumers above and beyond other mortgage servicers.”...
...One challenge is from Ocwen, a 29-year-old mortgage servicer that last week saw more than half of its $700m market capitalisation wiped off in an instant, after the CFPB announced sanctions....
...Mr Lawsky had no qualms about dragging a dispute with Ocwen Financial into the public arena last year, for example, posting letters to executives at the mortgage servicer on the DFS website....
...JPMorgan Chase has agreed to buy rights to service $45bn of prime mortgages from Ocwen Financial, the home-loan servicing group being watched closely by regulators, as it seeks to improve the stickiness...
...Last February, for example, it began a public correspondence with Ocwen Financial, the non-bank mortgage servicing company which was rapidly picking up assets from the banks, detailing concerns over its...
...Ocwen had attributed the bulk of its recent growth to its ability to service troublesome mortgages at a lower cost than big banks....
...The alleged lapse in Ocwen’s mailing processes likely caused borrowers “significant harm”, Benjamin Lawsky, superintendent of New York’s Department of Financial Services, said in a letter sent to the company...
...According to Moody’s data, Ocwen now services more than $500bn worth of residential mortgages – up from just $43bn in 2005....
...Benjamin Lawsky, the superintendent of New York’s Department of Financial Services, in a letter to Ocwen’s top lawyer, questioned $65m in fees collected by Altisource, a company related to Ocwen....
...Benjamin Lawsky, superintendent of financial services in New York, said he had found a “troubling” practice of an Ocwen affiliate charging high fees to auction seized properties, writes Tom Brathwaite in...
...The decision by New York’s Department of Financial Services followed a consent order in 2012 that imposed a monitor over Ocwen after a regulatory examination “identified gaps” in servicing records it believed...
...In a letter to Ocwen’s general counsel, New York’s Department of Financial Services highlighted the dual role of William Erbey, the Ocwen chairman, who is also the largest shareholder of four publicly listed...
...Earlier this month, New York’s Department of Financial Services blocked the sale of $2.7bn of MSRs from Wells Fargo to Ocwen, citing concerns over the latter company’s ability to service more loans....
...New York’s Department of Financial Services earlier this month blocked the sale of $2.7bn of MSRs from Wells Fargo to Ocwen, citing concerns about the latter company’s ability to service more loans....
...New York’s Department of Financial Services halted Ocwen Financial’s purchase of $2.7bn of mortgage servicing rights from Wells Fargo as part of its crackdown on the company....
...New York’s Department of Financial Services last week halted the sale of $2.7bn of mortgage-servicing rights from Wells Fargo to Ocwen, citing concerns over the company’s ability to service more loans....
...“Non-bank mortgage servicers have exploded on to the scene,” said Benjamin Lawsky, who leads New York’s Department of Financial Services, which last week blocked Ocwen’s purchase of the rights to service...
...The amount of outstanding mortgages serviced by Ocwen, the biggest non-bank mortgage servicer in the US, has risen from $43bn in 2005 to more than $500bn now....
...The request from the Department of Financial Services comes a week after the New York regulator said it would begin probing Ocwen Financial, another rapidly expanding non-bank mortgage servicer, for possible...
...The CFPB has also targeted non-bank mortgage servicers such as Ocwen Financial over concerns about the treatment of ‘underwater borrowers’, or borrowers whose mortgages are larger than the value of their...
...(Financial Times) New York’s top financial regulator has increased the pressure on Ocwen Financial, one of the country’s biggest mortgage servicers, raising concerns about “self-dealing” and “conflicted...
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