Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgage loans, the state’s financial regulator announced Thursday.
According to the Consumer Services Division of the Washington State Department of Financial Institutions, an investigation into Ocwen’s mortgage servicing activities found that Ocwen Loan Servicing, which is licensed to service mortgages in the state, used unlicensed affiliate offshore companies to “perform activities considered residential mortgage loan servicing under Washington law.”
Washington’s Consumer Loan Act specifically requires companies servicing residential mortgage loans in the state to be licensed as Consumer Loan Companies.
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