OCWEN Vows To Fight Contributing To Relief Fund

Kerri Ann Panchuk, Housing Wire

Federal financial regulators are starting to put the squeeze on massive loan servicer Ocwen ($40.72 0%), reportedly by recommending the servicer contribute to a consumer relief fund that would give cash to foreclosed borrowers.

But the servicer, which says a refusal to do so could result in a $135 million penalty, doesn’t believe such a move is needed and advised in an SEC filing that “we indicated our willingness to adopt the servicing standards set out in the national mortgage settlement with certain caveats.”

Furthermore, Ocwen said unequivocally it’s against having to contribute to a relief fund.

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