California Seeks to Suspend Ocwen’s Mortgage License, Stock Tanks

ocwen stock

California Seeks to Suspend Ocwen’s Mortgage License, Stock Tanks

(Reuters) – California is seeking to suspend Ocwen Financial Corp’s license to operate in the state, saying the mortgage collection company failed to submit papers showing that it complies with laws, state regulators said.

California’s Department of Business Oversight (DBO), which licenses non-bank mortgage lenders and servicers, said it started asking Ocwen for information early last year and the company failed “to adequately respond” to the requests.

“Ocwen’s behavior is egregious enough that we believe it warrants suspension of license,” DBO spokesman Tom Dresslar told Reuters.

Ocwen was notified on Oct. 3 about the DBO’s action related to untimely or incomplete production of information and documentation during a routine regulatory examination, the company told Reuters in an email on Tuesday.

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Comments
3 Responses to “California Seeks to Suspend Ocwen’s Mortgage License, Stock Tanks”
  1. H. Kerry Garner says:

    I have a case very similiar to yours concerning Ocwen.
    Please forward references

    thanks,

    H. Kerry Garner
    210.38.5038
    hkgarner@aol.com

  2. talktotennessee says:

    Looking for more information on Ocwen. Where can I read more about Ocwen and why and what they did to tick off CA about missing paperwork? GMAC morphed into Ocwen, same statements, representatives, everything. But wait, didn’t GMAC belly up? I am told that means they close down one entity and roll over into a second identity, same personnel and all sort of turnkey; nothing changed.
    Urgently need references, cases, details please if anyone has the rest of the story. I suspect there is misrepresentation, even fraud at the base of their trouble.

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