Altisource Takes One To The Jaw As Ocwen Loses Licensing In 20 States

Ocwen loses the acquisition of new mortgage servicing rights and the origination of mortgage loans in 20 States.

North Carolina Commissioner of Banks Ray Grace, along with state mortgage regulators representing more than 20 states, issued regulatory enforcement orders to subsidiaries of Ocwen Financial today to "address mishandling of consumer escrow accounts and a deficient financial condition." The Commissioner's order prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing, a subsidiary of Ocwen, until the company is able to "prove it can appropriately manage its consumer mortgage escrow accounts." The Nebraska Department of . . .

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