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California reaches settlement with loan company over mortgage practices

  

bizjournals.com | January 29, 2015

By Mark Anderson

The California Department of Business Oversight said it reached a $2.5 million settlement with Ocwen Loan Servicing over the company's failure to provide loan compliance information, and the company will keep its license to operate in the state.

The California Department of Business Oversight on Friday announced it reached a $2.5 million settlement that will allow Ocwen Loan Servicing LLC to keep its state license.

The regulator accused Ocwen of failing to provide required documentation showing that it was following state lending rules.

Under the settlement, Ocwen will pay $2.5 million in fines. The company also will pay for an auditor selected by the Department of Business Oversight to go over its loan files. Until that audit is complete, the company will not be able to take on any new California customers.

In return for the audit and fine, the state is withdrawing its effort to suspend Ocwen's license to operate in California, according to a department news release.

"The department is committed to supporting a fair and secure financial services marketplace for all California consumers," business oversight commissioner Jan Lynn Owen said. "This settlement allows us to move forward and ensure that Ocwen is meeting its obligations under the law."

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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