For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlementwith the New York Department of Financial Services.
The news got a little better earlier this year when the California Department of Business Oversight removed the state’s mortgage servicing restrictions on Ocwen, but the NYDFS settlement still precluded Ocwen from buying new MSRs.
Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS, which paves the way for the complete removal of the MSR restrictions.
According to an Ocwen filing with the Securities and Exchange Commission, the company agreed on Monday to a new consent order with the NYDFS, which removes the third-party monitor stationed inside of Ocwen’s operations which was part of the original settlement with the regulator.
For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Feel free to connect with us . . .
332 S Michigan Avenue
Suite 1032 #F513
Chicago IL 60604-4434
Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.