What Are Some Complaints With the Mortgage Servicer Ocwen?


Quick Answer

In 2013, the Consumer Financial Protection Bureau and attorneys general in 49 states took legal action against Ocwen Loan Servicing, accusing the company of extensive deception in its mortgage loan servicing processes. The company engaged in illegal foreclosures and charged borrowers with unauthorized fees, according a statement by the CFPB.

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Full Answer

Ocwen settled the lawsuit in a court-approved negotiation in February 2014. Ocwen agreed to make mortgage principal reductions totaling $2 billion and to refund $125 million to borrowers whose homes were improperly foreclosed upon between Jan. 1, 2009 and Dec. 31, 2012, said the CFPB. Ocwen completed the refunds process in December, 2014, according to NationalOcwenSettlement.com.

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