Las Vegas, NV - April 20, 2017
More than 20 State
Mortgage Regulators, including the State of Nevada Division of Mortgage Lending
(MLD), have issued simultaneous regulatory orders or charges to subsidiaries of
Ocwen Financial Corporation to address violations of state and federal laws
including the mishandling of consumer escrow accounts, unlicensed activity, and
a deficient financial condition.
accounts are utilized to pay taxes and insurance and hold borrower funds that
the company is entrusted to appropriately disburse. The majority of
orders, including the order issued by the Nevada Division of Mortgage Lending,
prohibit the acquisition of mortgage servicing rights and the origination of
mortgage loans until the company is able to prove it can appropriately manage
its existing mortgage escrow accounts and prevent harm to consumers.
order was issued as a result of the culmination of several years of multi-state
examinations and monitoring that revealed the company has mismanaged consumer
mortgage escrow accounts. Ocwen services the mortgages of approximately 17,234
borrowers in Nevada.
“The Division joined in this action today to
protect Nevada homeowners, and will continue to work in concert with both the
Consumer Financial Protection Bureau and the Conference of State Bank
Supervisors to make sure Ocwen is held accountable to borrowers. This is now a
large federal and multi-state action, but the Division’s first obligation is to
safeguard Nevada borrowers and provide as much information as we can as this
process develops,” said Division of Mortgage Lending Commissioner Cathy
have questions about this action or their servicing agreement should call Ocwen
directly at 800-310-9229, and visit the Division’s website http://mld.nv.gov
where a FAQ document has been posted to address common concerns.
Questions that are not addressed by the FAQ’s can be emailed to firstname.lastname@example.org
for a response.
A copy of the full
order can be found at: http://mld.nv.gov/Enforcement/2017/Actions.
Financial Protection Bureau https://www.consumerfinance.gov/
About the Division of Mortgage Lending
The Division is authorized to enforce the statutes and regulations
pertaining to Mortgage Bankers, Mortgage Brokers, Mortgage Agents, Escrow
Agencies, Escrow Agents and Loan Modification Consultants, Foreclosure
Consultants and other persons who provide similar services. The mission
of the Division of Mortgage Lending (MLD) is to promote professionalism,
education and ethics in the mortgage lending, escrow, loan modification and
foreclosure consultant industries through fair regulation and coordination with
industry and consumer groups in addition to providing consumers with a fair and
balanced complaint resolution process.
Conference of State Bank Supervisors (CSBS) is the national organization of
bank regulators from all 50 states, District of Columbia, and U.S. territories.
State regulators supervise roughly three-quarters of all U.S. banks and a
variety of non-depository financial services. CSBS, on behalf of state
regulators, also operates the Nationwide Multistate Licensing System to license
and register those engaged in mortgage, money transmission, consumer finance,
and debt collection industries.
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