Housing Wire is reporting that mortgage servicer Ocwen has once again run afoul of the National Mortage Settlement and has had more than 17k loans placed on foreclosure hold. According to the Settlement’s director, Joseph Smith, Ocwen is not yet back in compliance with one of the performance metrics of the NMS that it failed back in 2014 and it has been forbidden from taking foreclosure actions on those 17k+ loans.
“Smith’s office announced in October that Ocwen failed metric 31, which tests whether the mortgage servicer, Ocwen in this case, sent a loan modification denial notification to a borrower that included the reason for the denial, the factual information considered by the servicer in making its decision and a timeframe by which the borrower can provide evidence that the decision was made in error. According to Smith, Ocwen has not fully remedied the issues that led to the compliance failure.”
Click here to read the full story on HousingWire.
See also:
New York Demands Answers About Ocwen, Altisource & Hubzu Business Practices, 4/22/14
Ocwen Failed Four Metrics in the Second Half of 2014, 10/23/15
Ocwen to Pay $2 million Fine for Misstating Financial Results, 1/21/16
Ocwen Financial Discloses New SEC Investigation, 3/2/16
