Reuters

New York’s top state bank regulator is yet to approve Ocwen Financial Corp’s recent agreements to buy two mortgage servicing firms as a result of concerns about what it says are unfair loan practices, the Wall Street Journal reported.

Ocwen recently struck deals to buy Homeward Residential Holdings Inc and the mortgage servicing unit of Residential Capital LLC. Both companies collect mortgage payments and rework troubled loans for U.S. homeowners.

The two deals would make Ocwen the biggest servicer of home loans made to borrowers with weak credit histories – also known as subprime mortgages – and the fifth largest mortgage servicer in the United States overall.

Ocwen needs the approval of Benjamin Lawsky, New York’s superintendent of financial services. The company has said it expects the deals to close by early 2013.

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