National Mortgage Settlement: Ocwen Consumer Relief Reports Q2, Q3, Q4 2015
Ocwen Consumer Relief Q2, Q3, Q4 2015
June 23, 2016
Joseph A Smith, Jr. released Ocwen’s self-reported consumer relief through the second, third and fourth quarters 2015.
Ocwen reported its consumer relief activities from the second, third and fourth quarters 2015 under the National Mortgage Settlement (NMS) to Monitor Joseph A. Smith, Jr.
According to this self-reported, gross data, 38,104 received first lien modification forgiveness totaling approximately $3.3 billion, which is about $87,644 per borrower.
This data is self-reported, gross relief. These numbers were not tested against the Settlement’s crediting formulas.
In his latest report, the Monitor tested Ocwen’s consumer relief and credited Ocwen with its required consumer relief. The Monitor’s most recent report on Ocwen’s credited relief can be found here.
“Ocwen has fulfilled its $2.1 billion consumer relief obligation under the NMS,” said Smith. “I continue to monitor Ocwen’s compliance with the servicing standards, or rules, under the Settlement and will report to the Court and the public on my findings.”
Ocwen is required to send these reports to each state that is part of the Settlement with copies to the Monitor and the Monitoring Committee. The state-level data for the second, third and fourth quarters 2015 can be downloaded at the links below.