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Maryland Investigating Ocwen's Servicing Business.(Ocwen Loan Servicing)(Maryland Department of Labor, Licensing and Regulation )
The Maryland Department of Labor, Licensing and Regulation is examining the collection practices of Ocwen Loan Servicing, West Palm Beach, Fla., one of the largest subprime players in the U.S.
A spokeswoman for the MDLLR told Mortgage Servicing News, "We don't randomly conduct exams," and added, "We saw some flags."
One of those flags was the high number of complaints the state has received on Ocwen from Maryland homeowners.
The company, a publicly traded non-depository (and former thrift), was singled out by Maryland Gov. Martin O'Malley last week at a press conference on foreclosures.
Mr. O'Malley described the exam of Ocwen as wide-ranging. Last month, state officials were not elaborating much about the situation.
Ocwen is considered a "standalone" servicer, which means it processes monthly payments on loans without owning the underlying paper or servicing strip. Eighteen months ago, Maryland began requiring that standalone servicers have a separate license for this business and be sanctioned by the state.
Bill Rinehart, vice ...
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