Regulators sue Ocwen Financial, say it mishandled mortgages

Earnings per share (EPS) breaks down the profitability of the company on a single share basis, and for Ocwen Financial Corp. the EPS stands at -0.08 for the previous quarter, while the analysts predicted the EPS of the stock to be -0.19, suggesting the stock exceeded the analysts' expectations.

Ocwen has provided State Regulators with an estimate of the expected expense of an individual loan escrow account review for approximately 2.5 million loans over a four-year period, which a third party estimated to be $1.5 billion, or approximately $600 per file. It now faces lawsuits from both the U.S. The CFPB and other state agencies are suing Ocwen or are issuing cease-and-desist orders against the company.

"This unreasonable action is an unfortunate example of overreaching by the CFPB", Ocwen says in its statement.

According to the cease-and-desist order from the North Carolina Commissioner of Banks, Ocwen "has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of state and federal law and applicable regulations". OCN , tanked during Thursday trading after the Consumer Financial Protection Bureau (CFPB) made a decision to sue Ocwen.

Celtics clinch No. 1 seed in East, beat Bucks 112-94
The 6-7 Butler just also happens to be the Bulls' best defender, and not afraid to try and shut down any player on the planet. And to that, the Bulls' superstar says: Bring it on. "I think it's going to be a tough series", Wade said. "But not just me".

Specifically, the Bureau claims that the system used by Ocwen to process and apply borrower payments, communication information to borrowers, and maintain loan balance information was riddled with errors. Further, Ocwen disputes charges that they have done serious harm to consumers via their mortgage loan practices, indicating that any foreclosures have been justified and legal. Instead, the company accused the consumer watchdog of conducting a "flawed review of data" and reaching a "self-servicing conclusion about isolated instances where Ocwen self-identified ways we can do better". It said the company would go after borrowers long before verifying whether the debt was valid, allegedly foreclosed illegally on at least 1,000 homeowners, and charged borrowers for add-on products without their consent.

The company has been one of the biggest innovators in "Mortgage Investment" employing approximately 9700 full time employees.

Since 2012, consumers have filed around 175 complaints with DFI about Ocwen, Sherman said. Although she stated she sent the checks in one envelope, Ocwen records showed the company received and processed the payments on different days, the CFPB found.

— Failed to properly credit numerous borrowers' loan payments and failed to send accurate statements.

Goldman Sachs' profits miss forecasts as trading struggled
The current share price indicates that stock is -11.32% away from its one year high and is moving 65.30% ahead of its 52-week low. While there was a lot of negative information in Goldman Sachs' first-quarter earnings report, the news wasn't all bad.

Ocwen also had been prohibited from purchasing mortgage servicing rights - which it needs to do to grow its business - because of past consent orders in NY and California.

Mortgage escrow accounts are utilized to pay taxes and insurance and hold borrower funds the company is entrusted to manage appropriately.

— Failed to make timely home insurance payments that led to lapses in coverage for more than 10,000 borrowers. Common complaints include whether the escrow account is being properly handled and suspect foreclosure activities, he said.

Regulators said when consumers complained to Ocwen, the company routinely failed to acknowledge or investigate the grievances.

Google banned Poonam Pandey's New App
They are up in arms against Google and Twitter is abuzz with people discussing the possible reasons that led to Google's decision. Now this section changes its name and you will find it in the Google Play Store under the denomination of Library.

Renaissance Technologies LLC reduced its stake in Ocwen Financial Corp (NYSE:OCN) by 3.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. "Many of the issues raised in today's suit, including those related to the company's foreclosure policies and the effectiveness of its servicing system, were addressed by the National Mortgage Settlement, which the CFPB and Ocwen signed in December 2013".

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Worries over Trump policies cloud start of IMF, World Bank meetings
But while acknowledging disillusionment with globalization, Lagarde said member countries should avoid the lure of trade barriers. In 2018, the worldwide financial institution expects a mild slowdown in economic activity, with the growth of 2.6 percent of GDP.

Australia mulls shark cull after teenage surfer's death
He said the previous Australian government's attempts to deploy drum line traps did not reduce the likelihood of future attacks. Officials have closed Wylie Bay beach until further notice and people have been urged to stay out of the water.

Blue Jackets beat Penguins 5-4 to avoid sweep
Early in the second period, the Blue Jackets went up 3-0, only to see the Penguins enter the final frame down a single goal. They're really skilled and really good. "You've got to make sure that you learn quick and you forget quick and you move on".

Seahawks will not match 49ers offer to restricted free agent Garry Gilliam
Gilliam's time as a starter with the Seahawks appeared to be coming to an end, anyway. He visited the 49ers last week and reportedly turned down a multi-year contract offer.

NikeLab Announces Slick Limited-Edition Apple Watch
Apple and Nike are expanding their smartwatch partnership with the debut of a new, limited edition model called the NikeLab . However, the limited edition model will not be available in any of Apple's physical retail stores across the world.

Getting caught up in the Unicorn Frappucino frenzy
The drink is available for purchase from April 19-23. "Here at Starbucks , your enjoyment is our goal", the commercial says. If you come down on the side of severe vitriolic hatred, thats okay, because lots of Starbucks baristas feel the same way.

Andy Murray beaten by Albert Ramos-Vinolas at Monte Carlo Masters
The Spaniard swept the first set 6-0 against 45th-ranked Edmund, but found himself fighting for survival in the third set. Clay has been very profitable for the Scot over the last two years having previously been by far his weakest surface.

George Osborne quits as MP
He said he was "very excited" about working at the Evening Standard . He wrote: "I am stepping down from the House of Commons - for now".

Trump vows to solve dairy dispute with Canada
While he doesn't see the policy being reversed, he's hopeful the USA government will use it as a bargaining chip when renegotiating NAFTA.

Electric flying taxi by Lilium successfully completes its first voyage
You can find out more details about the Lilium Jet at the link below, it certainly looks impressive from the video. Developers of the Lilium Jet are hoping it could become the aerial equivalent of Uber.

Bill O'Reilly goes on vacation amid sponsor backlash
His father, Rupert, and older brother, Lachlan, also reportedly back O'Reilly and want him to remain on the network. His vacation announcement comes as about 60 companies said they wont advertise on his show.

People magazine names Julia Roberts 'World's Most Beautiful Woman'
At 49, with 30 years in the spotlight behind her, the mother of three certainly seems to have mastered the art of growing up. And that's what makes Roberts's fifth Most Beautiful People cover so important.

Can Mother of All Bombs give birth to peace in Afghanistan?
Before the MOAB attack, two alleged Indian recruits - Mohamed Mursheed and Mohammad Hafeezuddin -died in the past two months. The bomb struck a cave and tunnel system said to be that of an ISIS Khorasan stronghold on April 13 at 7:32 p.m. local time .

NCAA selects Myrtle Beach for 2019 DI Men's Golf Regional
The site selections follow the NCAA Board of Governors' vote to allow consideration of championship bids in North Carolina. The 2017 NCAA Men's and Women's Championships were held in Indianapolis-with Notre Dame serving as institutional host.

Arkansas suffers 2 setbacks to multiple execution plan
The high court's order sparing Davis offered no explanation, but none of the justices voted in favor of lifting the stay. The state and its lawyers say the inmates are seeking any legal approach they can find in their efforts to avoid death.


More News

News
More News