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Fort Lee, N.J., Mortgage Service Firm Agrees to Changes, Federal Monitoring.
Byline: Richard Newman
Apr. 22--A Fort Lee mortgage servicing company will overhaul its procedures as part of an agreement with federal regulators who were reviewing numerous consumer complaints of poor service and unwarranted fees.
Ocwen Federal Bank also agreed this week to increased monitoring by the U.S. Office of Thrift Supervision.
Ocwen in recent years has increasingly specialized in deals with lenders who make home loans to the riskiest borrowers. Ocwen takes on administrative duties -- such as collecting loan payments and corresponding with debtors -- in exchange for a small percentage of the payments. Also, Ocwen gets to keep the fees it imposes on debtors, but critics in several states say those fees have been excessive.
Complaints in some lawsuits accuse Ocwen of failure to provide consumers with information needed to pay off a loan when they want to refinance. The company has also been accused of foreclosing on properties or initiating forced insurance premiums without adequate notice. It has also been sued for allegedly charging late fees for payments that were actually made on time.
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- Magazine article from: American Banker February 14, 2005 700+ words
Ocwen Financial Corp. has agreed to...deposits of its thrift subsidiary, Ocwen Federal Bank, and its only branch...would take over the lease on the Fort Lee, N.J., branch. The price would depend on Ocwen Federal's deposit total when...
- Ocwen Dumps Thrift Status.
- Magazine article from: National Mortgage News Muolo, Paul December 6, 2004 700+ words
...Ocwen Federal, a subsidiary of Ocwen Financial, is the nation...relinquishing its charter, Ocwen will no longer be eligible for...one bank branch - located in Fort Lee, N.J. The branch issues...Commission. A few months back Ocwen said it was considering "debanking...
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- Magazine article from: Origination News January 1, 2005 700+ words
...Ocwen Federal, a subsidiary of Ocwen Financial, is the nation...relinquishing its charter, Ocwen will no longer be eligible for...one bank branch - located in Fort Lee, N.J. The branch issues...Commission. A few months back Ocwen said it was considering "debanking...
