“The Ocwen case is the latest strike in states and feds holding mortgage servicers accountable and demanding consumers be treated fairly at the table,” stated Francine A. Giani, “Utah is grateful to our partners who put this together and hope this sends a message that regulators will not sit idly by and let borrowers be abused.”
According to a complaint filed in the U.S. District Court for the District of Columbia, misconduct among the three companies resulted in premature and unauthorized foreclosures, violations of homeowners’ rights and protections, and the use of false and deceptive documents and affidavits, including “robo- signing.” The court order states Ocwen must adopt stricter standards and is accountable for past mortgage servicing and foreclosure abuses and provides relief to homeowners. Ocwen also agrees to pay $2.3M in settlement administration costs
The Ocwen settlement does not grant immunity from criminal offences and would not affect criminal prosecutions. The agreement does not prevent homeowners or investors from pursuing individual, institutional or class action civil cases. The agreement also preserves the authority of state attorneys general and federal agencies to investigate and pursue other aspects of the mortgage crisis, including securities cases.
An independent monitor will oversee compliance of the settlement. Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement will oversee the Ocwen agreement’s implementation and compliance through the Office of Mortgage Settlement Oversight.
Ocwen has established a toll-free number and email address for borrowers with questions 1-800-337-6695 , ConsumerRelief@Ocwen.com