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Blaming the Computer Excuse May Cost Ocwen $100 million

californiarealestatefraudreport.com | November 5, 2014

In the latest news to surface about Ocwen Financial committing servicing violations by backdating loan modification denial letters, Ocwen’s executive chairman said the company is setting aside $100 million to settle with Benjamin Lawsky, the superintendent of New York’s Department of Financial Services.

Executive Chairman Bill Erbey told analysts on an October 30 conference call that the $100 million was Ocwen’s “best estimate of the exposure,” after Lawsky identified 6,100 borrowers who received the backdated letters. Ocwen, which weakly tried to blame the letters on “the computer,” has known about the problem for over a year, when one of its own employees informed executives and an internal monitor about them.

The settlement, according to Michael Bourque, Ocwen’s executive vice president and CFO, could be even higher.

Ocwen is in a hurry to put the matter in its rearview mirror because it’s preventing the company from completing its purchase of $39 billion in mortgage servicing rights from Wells Fargo.

 

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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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