Payments to Ocwen borrowers to begin December 6, 2014
In December 2013, 49 state attorneys general, the District of Columbia, state mortgage regulators and the Consumer Financial Protection Bureau announced a Settlement with the following three mortgage servicers:
• Ocwen
• Homeward Residential Holdings (previously known as American Home Mortgage Servicing or AHMSI)
• Litton Loan Servicing
This bipartisan Settlement has provided approximately $125 million in direct payments to borrowers.
The agreement settles state and federal investigations finding that these mortgage servicers engaged in various abuses during the servicing and foreclosure process, including signing foreclosure related documents outside the presence of a notary public and without knowing whether the facts they contained were correct.
In response to these developments, William C. Erbey, stepped down as chairman of one of the largest mortgage servicing companies in America.
