The Department of Business Oversight for the State of California issued a press release last month announcing a $2.5 million settlement for OCWEN’s failure to provide loan information for the DBO to assess compliance with California mortgage lending laws. The press release can be found by clicking here. The relevant part of that release states:
Under the consent order agreement, the DBO will select an independent, third-party auditor, paid for by Ocwen, whose duties will include ensuring Ocwen provides the DBO all the information it has requested from loan files. Ocwen also will pay $2.5 million in penalties and cover the DBO’s administrative costs associated with the case.
The settlement also prohibits Ocwen from taking on any new California customers until the DBO determines the firm can fully respond in a timely manner to future requests for information, and the DBO will drop its effort to suspend Ocwen’s license to operate in California. Filed Oct. 3, 2014, the formal accusation grew out of Ocwen’s conduct during a routine regulatory examination and will now be withdrawn.