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Ocwen Forced to Freeze 17k Foreclosures

Livinglies's Weblog

by William Hudson

Over 17,000 loans placed on foreclosure hold, that Ocwen likely has no right to foreclose upon in the first place.

Ocwen not only has been posting huge financial losses this year, but the non-bank servicer has finally been halted from foreclosing on more than 17,000 loans it services due to violations of the National Mortgage Settlement that it failed in the second half of 2014.

Joseph Smith, the monitor of the National Mortgage Settlement (NMS) announced back in October that Ocwen had failed metric 31. Metric 31 tested whether the mortgage servicer sent a loan modification denial notification to a borrower that included the reason for the denial, the factual information considered by the servicer in making its decision and a time-frame by which the borrower can provide evidence that the decision was made in error.

According to Smith, Ocwen failed to remedy the issues that led…

View original post 1,210 more words


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