CFPB Sues Ocwen Financial over Unfair Mortgage Practices

According to the CFPB, Ocwen, of West Palm Beach, Fla., violated the Consumer Protection Act, which protects consumers from unfair, deceptive, or abusive acts or practices, and failed to comply with mortgage servicing rules that went into effect in 2014.

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Shares of Ocwen Financial Corp. ( OCN) tumbled on Tuesday, after Financial Times reported the possibility of legal action against the mortgage. over its practices after it announced a $2.1 billion.

It would have power to enforce “enumerated consumer protection laws only,” without any UDAAP (Unfair, Deceptive or Abusive Acts and Practices. Ocwen Financial and Wells Fargo among the positive.

The Consumer Financial Protection Bureau (CFPB) today filed its first online lending lawsuit against a loan servicer. a Nevada collection agency-engaged in unfair, deceptive and abusive practices,

CFPB officials said that mortgage servicer Ocwen (OCN) and its subsidiaries have failed to clean up their act, even after the CFPB ordered Ocwen in December 2013 to fork over $2 billion in relief.

Today, April 20, 2017, U.S. and state officials sued Ocwen Financial Corp., a mortgage service, for its widespread mishandling of mortgage payments and illegally foreclosing. The Consumer Financial Protection Bureau press release stated: "The Consumer Bureau is authorized by law to protect consumers from unfair, deceptive, or abusive acts or practices by mortgage servicers of all kinds.

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Ocwen Financial Lawsuit. In late April, the Consumer Financial Protection Bureau (CFPB), along with the Florida Attorney General and the state’s Office of Financial Regulation, filed lawsuits alleging Ocwen Financial Corporation with a litany of ills affecting virtually every phase of mortgage servicing.

Ocwen Financial. its mortgage servicing practices have resulted in “substantial benefits” to consumers, and that it has hired more than 350 people in its risk, audit and compliance areas since 2013.

News of the North Carolina actions and the CFPB lawsuit sent shares of Ocwen crashing by nearly 60 percent in just over an hour. CFPB officials said that mortgage servicer Ocwen and its.

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It’s been a decidedly rough afternoon for Ocwen Mortgage Servicing, Inc. (NYSE: OCN), as the multistate servicer was hit with a federal lawsuit from the Consumer Financial Protection Bureau – and, in separate actions, lost its ability to gain new mortgage servicing rights in more than 20 states*, including North Carolina and Wisconsin.

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