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CFPB Sues Ocwen having Failing Borrowers During Financial Upkeep Techniques

CFPB Sues Ocwen having Failing Borrowers During Financial Upkeep Techniques

Arizona, you can find out more D.C. – The user Monetary Safeguards Bureau (CFPB) today charged one of several state’s biggest nonbank real estate loan servicers, Ocwen Financial Business, and its subsidiaries to own a failure individuals at every phase of your home loan servicing techniques. The fresh Bureau alleges one Ocwen’s many years of prevalent errors, shortcuts, and you can runarounds cost particular borrowers currency although some their houses. Ocwen allegedly botched earliest functions including sending appropriate month-to-month statements, securely crediting repayments, and addressing taxes and you can insurance policies. Presumably, Ocwen and additionally dishonestly foreclosed into the striving consumers, ignored customers issues, and you may marketed off the servicing liberties so you’re able to loans in the place of fully disclosing new errors they manufactured in borrowers’ information. Read the rest of this entry »

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