By the end of this year, Ocwen
Financial, one of the largest mortgage servicers in the U.S., may lose its
mortgage license in California.
Ocwen has been subjected
to numerous investigations over the years regarding improper foreclosures,
misplaced and mislabeled borrower documentation, billing issues, and overall failure
to comply with federal and state laws and regulations. In December, Ocwen settled an ongoing investigation by the NYS Department of Financial Services (DFS) by
agreeing to pay $100 million, which was to be used to support foreclosure
defense programs and other relief and $50 million to Ocwen borrowers who reside in New York. As a
result, not only did the company’s chairman step down from his position, but
DFS will continue to monitor Ocwen in the
upcoming years for further unlawful conduct. Although this settlement greatly
impacted borrowers in New York, it was held as a victory for borrowers all over
the country because it was supposed to put Ocwen
in check and to stop it from continuing its cycle of financial abuse.
Unfortunately, the story does not end there. California now
wants to suspend
Ocwen’s mortgage license in the state as a result of Ocwen’s failure to
provide mandatory documentation to the Department
of Business Oversight, which is responsible for determining whether Ocwen is complying with state regulations in
California. Ocwen issued a press
release on January 13, stating that it is committed to resolving the issues
in California, especially since its shares are crashing as a result of the news.
It is crucial that Ocwen turns its business practices around and finally
provide high quality assistance to its borrowers. Otherwise, it will surely
fail.
Settlement conferences will begin in February. If nothing is
resolved, Ocwen will not be able to do business in California for at least a
year. If that happens, Ocwen may not be able to survive such a huge blow.
Instructor: Andrew Lieb, Esq., MPH CE Credits: 3 Price: Free Date: 02/06/2015 at 1:30pm in
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Yesterday, the New York Attorney General, Eric Schneiderman,
announced in a press
release that the first loans have closed in the New
York State Mortgage Assistance Program (NYSMAP) to help homeowners across
the state pay off their mortgage arrears and/or liens in order to avoid
foreclosure.
This program was launched on Long Island in September and was
opened to the rest of the state in mid-October to provide funds to homeowners
so that they may apply and be approved for loan modifications. Since one of the
most common reasons for loan modification denial is the inability to pay off
mortgage arrears, unpaid property taxes, and liens on properties in
foreclosure, these NYSMAP loans are specifically designed to help homeowners
pay off these types of debt up to $40,000. The program has already received 41
loan applications and approved 9 loans from Long Island alone. Mr. Schneiderman
is predicting that hundreds of loans across the state will be approved over the
next year, helping homeowners obtain loan modifications and keep their homes
into the future.
Click here at nysmap.org or
call 855-466-3456 to see if you are eligible for a loan through NYSMAP.
On March 31, 2019, Governor Cuomo signed the New York State Budget for the 2020 Fiscal Year . Notable changes include increased real estate ...
About
Attorney Andrew Lieb is an Attorney, Legal Analyst, & Political Strategist who actively appears on regional and national news and print media including Newsweek, FOX LIVE, NBC, NBCLX, TV 55, CBS, ABC, Court TV, FOX 5 NY, PIX 11, News 12, Newsy, and NewsNation. Radio appearances include America’s First News with Gordon Deal, The Ross Kaminsky Show, Jimmy Barrett, KPRC, KTRH, 1010 Wins, WFAN, NPR, WHPC, KOA, WRCN Radio.
Attorney Andrew Lieb is the Founder of Lieb at Law and Lieb School.
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