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Ocwen Mortgage Servicing – CO

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IN THE MATTER OF:

OCWEN LOAN SERVICING, LLC
NMLS # 1852
(“OLS”)

OCWEN BUSINESS SOLUTIONS, INC.
NMLS # 1283393
(“OBS”)

       (collectively, “Respondents”)
   
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CONSENT ORDER        

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Half I of Chapter 668, Sections 36a-485 to 36a-534b, inclusive, of the Connecticut Basic Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Mortgage Originators”, Half VII of Chapter 669, Sections 36a-715 to 36a-719l, inclusive, of the Connecticut Basic Statutes, “Mortgage Servicing”, and Half XII of Chapter 669, Sections 36a-800 to 36a-814, inclusive, of the Connecticut Basic Statutes, “Shopper Assortment Companies”;

WHEREAS, OLS is a Delaware restricted legal responsibility firm that’s presently licensed as a mortgage lender beneath Half I of Chapter 668, Sections 36a-485 et seq. , of the Connecticut Basic Statutes, with its essential workplace situated at 1661 Worthington Highway, Suite 100, West Palm Seashore, Florida (“Major Workplace”) and a department workplace at 16675 Addison Highway, Suite 100, Addison, Texas, NMLS #1027150 (“Texas Department”).  OLS is presently exempt from licensure as a mortgage servicer in Connecticut when performing as a mortgage servicer from its Major Workplace and Texas Department pursuant to Part 36a-718(b)(4) of the Connecticut Basic Statutes;

WHEREAS, OBS is an organization with a enterprise handle at Two E-Com Middle, Harbor Drive, Mall of Asia Advanced, Pasay Metropolis, Philippines, that presently has pending functions for licensure to behave as a mortgage servicer in Connecticut and to behave as a client assortment company in Connecticut;

WHEREAS, the Commissioner, by means of the Shopper Credit score Division of the Division of Banking, has investigated and examined the actions of Respondents pursuant to Sections 36a-17, 36a-498f and 36a-719i of the Connecticut Basic Statutes to find out if that they had violated, have been violating or have been about to violate the provisions of the Connecticut Basic Statutes inside the jurisdiction of the Commissioner;

WHEREAS, on account of such investigation and examination, on April 20, 2017, the Commissioner issued a Short-term Order to Stop and Desist, Discover of Intent to Concern Order to Stop and Desist, Discover of Intent to Impose Civil Penalty and Discover of Proper to Listening to in opposition to Respondents, pursuant to Sections 36a-52(b), 36a-719j(b), 36a-804(b), 36a-52(a) and 36a-50(a) of the Connecticut Basic Statutes (collectively, “Order and Discover”);

WHEREAS, within the Order and Discover, the Commissioner alleged that OLS:  (1) acted as a mortgage servicer from at the very least three areas that have been neither licensed nor exempt from licensure, in violation of Part 36a-718 of the Connecticut Basic Statutes, (2) performed enterprise coated by Sections 36a-715 to 36a-719l, inclusive, with out holding a sound license or assisted one other individual within the conduct of enterprise with out holding a sound license required beneath Title 36a, in violation of Part 36a-719h(17) of the Connecticut Basic Statutes, (3) knowingly misapplied or recklessly utilized residential mortgage loan funds to the excellent stability of a Connecticut borrower’s residential mortgage loan, in violation of Part 36a-719h(4) of the Connecticut Basic Statutes, (4) didn’t precisely apply residential mortgage loan funds, in violation of a previous order of the Commissioner, (5) knowingly misapplied or recklessly utilized funds to escrow accounts of a Connecticut borrower, in violation of Part 36a-719h(5) of the Connecticut Basic Statutes, (6) didn’t confide in Connecticut debtors the schedule of the ranges and classes of prices and costs for its servicing-related actions, in violation of Part 36a-719e(2) of the Connecticut Basic Statutes, (7) failed to take care of adequate information in reference to the servicing of residential mortgage loans in Connecticut, in violation of Part 36a-719d(b) of the Connecticut Basic Statutes, (8) failed to offer a brief yr escrow assertion to a borrower, in violation of Part 36a-498e(7) of the Connecticut Basic Statutes, (9) didn’t pay escrow disbursements to the suitable taxing authorities and insurance coverage firms in violation of Part 36a-716(a) of the Connecticut Basic Statutes, and (10) offered incorrect or incomplete data to a Connecticut borrower regarding the borrower’s pending foreclosures motion, in violation of Part 36a-719h(2) of the Connecticut Basic Statutes;

WHEREAS, the Order and Discover additionally alleged that OBS acted as a client assortment company on this state with out a license, in violation of Part 36a-801(a) of the Connecticut Basic Statutes;

WHEREAS, the Commissioner asserts that the allegations made within the Order and Discover represent a foundation to situation a stop and desist order in opposition to Respondents, individually, and to impose a civil penalty in opposition to Respondents, individually, to not exceed 100 thousand {dollars} ($100,000) per violation;

WHEREAS, on April 20, 2017, the Order and Discover was mailed to OLS by licensed mail, return receipt requested (Licensed Mail No. 7012 3050 0000 6997 5950) and to its registered agent (Licensed Mail No. 7012 3050 0000 6997 5967);

WHEREAS, on April 20, 2017, the Order and Discover was mailed to OBS by licensed mail, return receipt requested (Licensed Mail No. 7012 3050 0000 6997 5974) and to its registered agent (Licensed Mail No. 7012 3050 0000 6997 5981);

WHEREAS, Respondents acquired the Order and Discover, and on April 28, 2017, the Division acquired an Look and Request for Listening to from Respondents’ counsel;

WHEREAS, a listening to regarding the allegations made within the Order and Discover in opposition to Respondents is presently scheduled for February 5 and 6, 2018;

WHEREAS, Part 4-177(c) of the Connecticut Basic Statutes and Part 36a-1-55(a) of the Rules of Connecticut State Companies present {that a} contested case could also be resolved by consent order, until precluded by regulation;

WHEREAS, always related hereto, OLS was a wholly-owned subsidiary of Ocwen Mortgage Servicing, Inc. (“OMS”), which was a wholly-owned subsidiary of Ocwen Monetary Company (“OFC”), and Ocwen Monetary Options Personal Restricted (NMLS # 15877) (“OFSPL”) is an entity with a enterprise handle at Pritech Park, Block 12, Bellandur Village, Bangalore, India;

WHEREAS, OLS represents that every one funds acquired from mortgagors to be held in escrow for the cost of taxes and insurance coverage are maintained in segregated belief accounts at federally insured banks for the advantage of such mortgagors, in accordance with federal and state regulation and contractual provisions and tips of traders, authorities sponsored enterprises and authorities firms;

WHEREAS, OLS represents that its present quantity of complaints regarding Connecticut residential mortgage loans has decreased when in comparison with the amount of complaints within the first quarter of 2016;

WHEREAS, OFC, its subsidiaries and associates, together with OLS, OBS, OMS and OFSPL (collectively, “Ocwen”) voluntarily comply with consent to the entry of the phrases imposed under with out admitting any legal responsibility, fault or wrongdoing and solely for the aim of resolving this matter and obviating the necessity for additional formal administrative proceedings regarding the allegations within the Order and Discover and set forth herein;

WHEREAS, the Commissioner and Ocwen need to resolve the issues alleged within the Order and Discover and set forth herein;

WHEREAS, Ocwen agrees that the Order and Discover could also be utilized in construing the phrases of this Consent Order;

WHEREAS, upon execution of this Consent Order by the Commissioner, the necessities positioned on OLS by the Short-term Order to Stop and Desist shall be deemed dismissed with out prejudice;

WHEREAS, Ocwen particularly assures the Commissioner that it has carried out insurance policies and procedures and enhanced high quality management and high quality assurance processes to scale back the chance that the alleged conduct set forth within the Order and Discover and set forth herein happens sooner or later, though Ocwen doesn’t admit that such conduct ever occurred;

WHEREAS, Ocwen acknowledges that this Consent Order is a public document and is a reportable occasion for functions of the regulatory disclosure questions on NMLS, as relevant;

WHEREAS, Respondents, by means of their execution of this Consent Order, voluntarily comply with waive their procedural rights regarding any facet of this Consent Order, together with a possibility for a listening to because it pertains to the allegations within the Order and Discover and set forth herein, and voluntarily waive their proper to hunt judicial evaluation or in any other case problem or contest the validity of this Consent Order;

AND WHEREAS, OMS, OFC, and OFSPL, by means of their execution of this Consent Order, voluntarily comply with waive their procedural rights regarding any facet of this Consent Order, together with a proper to a discover and a possibility for a listening to because it pertains to the allegations set forth herein, and voluntarily waive their proper to hunt judicial evaluation or in any other case problem or contest the validity of this Consent Order.

CONSENT TO ENTRY OF SANCTIONS

WHEREAS, OLS, OBS, OMS, OFC and OFSPL, by means of their execution of this Consent Order, consent to the Commissioner’s entry of a Consent Order imposing the next phrases:

1.

Acquisition of Servicing Rights:   (a) Besides as set forth in subparagraphs (b) and (d) under, OFC, its subsidiaries and associates, together with OLS, OBS, OMS and OFSPL (collectively, “Ocwen”) shall not purchase any residential mortgage servicing rights (“MSRs”) till April 30, 2018, nor shall Ocwen board any new loans onto its REALServicing platform at any time.  The aforementioned restrictions don’t apply to loans which are (i) already serviced on the REALServicing platform, together with, however not restricted to, these which are subsequently modified, refinanced or these which are subsequently transformed to an association whereby Ocwen acts as sub-servicer or (ii) required to be repurchased by Ocwen, together with Homeward Residential, Inc.

(b) Ocwen could originate by means of dealer, retail, or wholesale or purchase by means of correspondent lender relationships new residential mortgage loans, together with, however not restricted to, conventional mortgage loans, reverse mortgages and refinances, as long as they won’t be boarded, even briefly, to the REALServicing platform.  Any such loans should, as a substitute, be boarded to an alternate servicing system or sub-serviced by a licensed and/or exempt, unaffiliated entity, though Ocwen could retain the related MSRs.
(c) No later than the date of execution of this Consent Order by Ocwen, Ocwen shall develop an in depth Plan of Motion and Milestones (“POAM”) for the switch of all residential mortgage loans presently administered on the REALServicing platform to a different servicing platform(s) that can allow Ocwen to adjust to relevant mortgage servicing requirements for its residential mortgage loan portfolios.  The POAM shall be acceptable to the Commissioner and shall embody a timeline for conducting every milestone within the POAM with a view to full the switch inside a commercially cheap time.  Upon issuance of this Consent Order by the Commissioner, Ocwen shall undergo the Commissioner quarterly updates on the POAM till the switch of all residential mortgages loans from the REALServicing platform has been accomplished.  Ocwen shall full such switch no later than April 30, 2020 and agrees to pay a financial penalty of Two Hundred Fifty Thousand {Dollars} ($250,000) as set forth in paragraph 15 for failure to fulfill such deadline.
(d) For the avoidance of doubt, within the occasion of a future transaction whereby Ocwen merges with or acquires an unaffiliated firm or its property, or an unaffiliated firm merges with or acquires Ocwen or Ocwen’s property, not one of the subparagraphs of this paragraph 1 shall prohibit mentioned transaction, together with the associated switch of MSRs or mortgage loans between the businesses, or restrict the switch of loans from the REALServicing platform onto the unaffiliated firm’s alternate servicing system.  Nevertheless, the prohibitions and restrictions regarding boarding new mortgage loans onto the REALServicing platform shall stay in full power and impact and apply to Ocwen’s successors and assigns.
2. Escrow Account Audit:  To reveal the adequacy of Ocwen’s present client escrow practices, to make sure client escrow accounts are correct, and to establish any client hurt, Ocwen shall have interaction an impartial third-party (“Auditor”) to evaluation all escrow transactions on the REALServicing platform by means of statistically important consultant samples of escrowed loans serviced by Ocwen between January 1, 2013 and June 30, 2017 (“Escrow Account Audit”).  The Auditor will establish the inhabitants and consultant samples of loans to be reviewed by using the methodology set forth in OFC’s Confidential Request for Proposal dated September 12, 2017 (“RFP”).  The Auditor’s testing methodology shall be in step with the RFP and shall be set forth in a plan (“Audit Plan”) agreed to by Ocwen and the Auditor and never objected to by the Commissioner.  The Auditor could revise the Audit Plan to the extent revisions develop into obligatory throughout its testing, offered it’s in step with the RFP and offered Ocwen agrees to the revision and the Commissioner doesn’t object to the revision.  In accordance with the testing methodology set forth within the RFP, the Auditor shall establish any situations the place Ocwen didn’t administer an escrow account for a sampled loan in compliance with legal guidelines governing escrow beneath the Actual Property Settlement Procedures Act, as carried out by Regulation X, the Reality in Lending Act, as carried out by Regulation Z, the Owners Safety Act and Connecticut mortgage servicing legal guidelines associated to the administration of escrow set forth in Sections 36a-716 and 36a-719h of the Connecticut Basic Statutes, offered that any assumptions, definitions and conclusions made in such RFP to facilitate the Auditor’s evaluation shall not be thought of conclusions of regulation or determinations binding on this Division.
3.

Remediation Plan:   Ocwen shall require that the Auditor situation, concurrently to the Commissioner and Ocwen, no later than thirty (30) days after completion of the Escrow Account Audit, until an extension is agreed to by the Commissioner, a closing report detailing any and all findings, together with, however not restricted to, any recognized errors and client hurt (which shall embody the title of every harmed borrower, the state wherein the borrower and collateral are situated, the premise for the conclusion of client hurt and the quantity of any precise financial hurt recognized) (“Escrow Report”).  If the Escrow Report identifies Errors beforehand remediated by Ocwen, no matter whether or not they resulted in monetary hurt as outlined within the RFP, the Auditor will verify that the corrective actions have been adequate to:  (1) remediate the Error, and remediate some other equally impacted debtors, and (2) stop the Error from recurring.  Ocwen will present the Commissioner with documentation of any corrective actions to deal with any beforehand remediated Errors.  If the Auditor determines that Ocwen didn’t absolutely remediate the Errors and/or that Ocwen has not taken adequate corrective motion to stop the Errors from recurring, inside sixty (60) days of issuance of the Escrow Report, Ocwen shall submit a corrective motion plan (together with remediation if relevant) acceptable to the Commissioner.  If the Escrow Report identifies a non-remediated Error, inside sixty (60) days of issuance of the Escrow Report, Ocwen shall submit a corrective motion plan acceptable to the Commissioner that can remediate the Error, and remediate some other equally impacted debtors, together with the availability of restitution to completely right monetary hurt, and/or to stop the Error from recurring.  Any corrective motion plan required by this paragraph shall embody particular deadlines for the deliverables specified within the plan.  The Commissioner should present any objections to the corrective motion plan inside ten (10) days from the date Ocwen submits the plan to the Commissioner.  Ocwen shall implement any plan not objected to by the Commissioner and shall adhere to the deadlines set forth inside the plan until an extension is granted by the Commissioner.  All recognized errors and problematic escrow practices that resulted in client hurt shall be remediated by Ocwen without charge to Connecticut debtors, that means that, in no occasion shall Ocwen search to recuperate monies from a Connecticut borrower referring to findings made by the Escrow Assessment Plan.  Nevertheless, within the occasion {that a} prior refund of escrow funds to a Connecticut client resulted in a subsequent escrow shortfall, Ocwen shall be permitted to regulate the borrower’s month-to-month escrow cost to gather such funds in a way that’s compliant with federal and state regulation.

4. Further Audits:  Upon implementation of any corrective motion plan required pursuant to paragraph 3 above, for an error that was not beforehand remediated, Ocwen shall have interaction the Auditor to evaluation an extra statistically legitimate pattern of residential mortgage loans doubtlessly impacted by every root reason behind an error and/or client hurt to verify that the remediation efforts have been efficiently accomplished.  Ocwen shall proceed its remediation efforts till the Auditor is ready to verify that Ocwen’s corrective motion plan and remediation efforts have been adequate.  Ocwen shall not board any residential mortgage loans with a identified, unremediated error onto a brand new servicing system pursuant to the POAM.  Ocwen shall require that any extra critiques performed by the Auditor pursuant to this paragraph be performed expeditiously.
5.

Grievance Plan:   No later than sixty (60) days after the date this Consent Order is issued by the Commissioner, Ocwen shall undergo the Commissioner for evaluation and dedication of non-objection a complete client criticism decision plan (“Grievance Plan”) designed to make sure that Ocwen will correctly doc, well timed examine and remediate client complaints thought of notices of error pursuant to 12 CFR 1024.35.  Ocwen shall revise the Grievance Plan if deemed obligatory by the Commissioner.  If Ocwen doesn’t obtain any required revisions inside thirty (30) days of its submission of the Grievance Plan to the Commissioner, Ocwen shall implement and cling to the Grievance Plan.  The Grievance Plan shall embody, at a minimal:

a. strong, board-approved insurance policies and procedures to make sure that all client complaints are documented and well timed investigated, any errors discovered on account of a criticism are remediated, and errors discovered which will impression different accounts are escalated for additional investigation and/or remediation;
b. a proper inner evaluation course of to make sure all complaints are processed in accordance with the insurance policies and procedures adopted by the board beneath the Grievance Plan;
c. coaching on revised criticism procedures for all staff to be accomplished no later than 100 eighty (180) days from the date of issuance of this Consent Order;
d. a program establishing annual, necessary criticism decision coaching for workers who could obtain any type of criticism from a client or are in any other case concerned within the criticism decision course of; and
e. detailed steps for addressing every motion required by the Grievance Plan.
6. Escrow Account Disclosure Assertion Assessment:  Ocwen shall have interaction an impartial third get together to evaluation and report on the accuracy of Ocwen’s preparation of its Escrow Account Disclosure Assertion.  Particularly, every month for a interval of twelve (12) months following the date this Consent Order is issued by the Commissioner, an impartial third get together shall evaluation 5 (5) of the newest Escrow Account Disclosure Statements ready by Ocwen for Connecticut debtors using the methodology set forth in Sections 2.1(b)(3) by means of (10), inclusive, and (12) of the RFP.  The impartial third get together shall present a month-to-month report back to the Commissioner on a periodic foundation, not later than sixty (60) days from every month-end throughout the twelve (12) month evaluation interval.  The Auditor will start testing Escrow Account Disclosure Statements which are despatched in January, and the primary report might be offered to the Commissioner no later than April 1, 2018 (sixty (60) days from January 31, 2018).  The ultimate report will cowl Escrow Account Disclosure statements which are despatched in December 2018, and the ultimate report might be offered to the Commissioner no later than March 1, 2019 (sixty (60) days from December 31, 2018).  As additional described in paragraph 15, Ocwen agrees to pay the Division a penalty of Fifty Thousand {Dollars} ($50,000) if it fails to submit the ultimate report on the Escrow Account Disclosure Assertion Assessment by March 1, 2019.  As well as, for a interval of twelve (12) months, on a month-to-month foundation commencing on April 1, 2018, Ocwen shall present an in depth reporting of every escrow account referring to loans secured by residential actual property in Connecticut that features every receipt and disbursement inside the previous month for debtors in Connecticut.
7.

Monetary Situation:   No later than thirty (30) days from the date this Consent Order is issued by the Commissioner, OFC shall submit a written plan demonstrating the way it will stay a going concern for a interval of 1 (1) yr from the date this Consent Order is issued by the Commissioner (“Monetary Situation Plan”).  The Monetary Situation Plan, at a minimal, should have in mind, in accordance with Typically Accepted Accounting Ideas, all identified and fairly anticipated future liabilities together with, however not restricted to, prices of obligatory audits and anticipated regulatory, regulation enforcement, or different litigation liabilities or prices exceeding a million {dollars} ($1,000,000) arising from any closing orders/judgments or settlements and should additionally reveal how OFC will adjust to all relevant liquidity and capital necessities.  An extra replace shall be offered each six (6) months going ahead for a interval of three (3) years, until the Commissioner releases OFC from this requirement earlier.  OFC shall notify the Commissioner if and when any occasion happens that might materially impression OFC’s monetary situation, together with, however not restricted to, any precise or anticipated liabilities or prices exceeding 5 million {dollars} ($5,000,000) or if OFC drops under or tasks to drop under any relevant liquidity or capital requirement, inside ten (10) enterprise days of the prevalence of any such occasion(s).  OFC will additional submit the next reporting for monitoring compliance with the Monetary Situation Plan, with these reporting necessities to be in impact for the interval of three (3) years and one (1) month from the date this Consent Order is issued by the Commissioner:

a. Month-to-month monetary statements that observe precise earnings in comparison with forecasted earnings throughout the identical time interval, to be submitted to the Commissioner for every month on or earlier than the final day of the next month;
b. A month-to-month liquidity report that demonstrates every day liquidity monitoring with forecasts on liquidity positions over thirty (30), sixty (60) and ninety (90) days, to be submitted to the Commissioner on or earlier than the fifteenth (fifteenth) day of every month;
c. A month-to-month report documenting compliance with inner insurance policies and procedures governing limits on publicity to market chance, together with, however not restricted to, rate of interest chance, to be submitted to the Commissioner for every month on or earlier than the final day of the next month; and
d. A quarterly Going Concern Evaluation, which shall embody covenant and capital reporting that tracks any and all monetary or regulatory covenants OFC is obligated to adjust to and whether or not OFC stays in compliance with these covenants, to be submitted to the Commissioner forty-five (45) days after the tip of every calendar quarter, aside from the final quarterly report for every calendar yr, which shall be submitted ninety (90) days after the tip of such quarter.
8. Stop and Desist Necessities:  No later than the date this Consent Order is executed by Ocwen, Ocwen shall not act as a mortgage servicer or client assortment company in Connecticut with out a license, in violation of Sections 36a-718 and 36a-801(a) of the Connecticut Basic Statutes, respectively.  Ocwen agrees to pay a financial penalty of One Hundred Thousand {Dollars} ($100,000) if it fails to adjust to such requirement for any workplace location as additional offered in paragraph 15.  As well as, OLS shall not violate Sections 36a-498e(7), 36a-716(a), 36a-719d(b), 36a-719h(2), 36a-719h(4), 36a-719h(5), 36a-719h(17) and 36a-719e(2) of the Connecticut Basic Statutes.
9. Loss Mitigation Outreach Occasion:  Throughout 2018, Ocwen shall companion with a number of non-profit organizations to take part in a single loss mitigation outreach occasion in Connecticut and shall companion with native housing counselors to implement a focused loss mitigation mailing marketing campaign designed to profit at-risk Connecticut debtors.  Ocwen agrees to pay a financial penalty of Fifty Thousand {Dollars} ($50,000) as set forth in paragraph 15 for failure to adjust to this paragraph.
10. Grievance Consultant:  No later than the date of execution of this Consent Order by Ocwen, Ocwen shall establish:  (a) an worker with adequate data and experience to work straight with the Division to deal with written complaints from Connecticut debtors and/or some other complaints dropped at Ocwen’s consideration by the Division, and (b) a senior govt in its Compliance, Authorized or Ombudsman Division to deal with any issues requiring additional escalation.
11. Quarterly Grievance Reporting:  Ocwen will present a quarterly report back to the Commissioner itemizing all new written borrower complaints acquired by Ocwen throughout the previous calendar quarter and updates concerning the progress of processing earlier complaints till these complaints have been resolved.  The report can even embody a abstract of the decision for closed complaints, together with any remediation offered to the patron.  The primary report is due on April 15, 2018, and fifteen (15) days after the tip of every subsequent calendar quarter, with the final report due on January 15, 2020.
12. Escrow Hotline:  Ocwen will develop a devoted escrow hotline the place Connecticut shoppers can direct escrow associated inquiries.  This hotline might be staffed by United States-based personnel and might be obtainable weekdays (excluding holidays) from 9:00 a.m. Jap Customary Time to five:00 p.m. Jap Customary Time.  Ocwen shall implement the hotline in a way in order that it’s operational not later than March 1, 2018 and preserve the hotline for a interval extending three months following the date of switch of all Connecticut residential mortgage loans from the REALServicing platform to Ocwen’s new servicing platform.  Ocwen will embody the hotline phone quantity on periodic month-to-month billing statements for all Connecticut debtors throughout the interval wherein the hotline is required to be operational.
13. Notices:  All reporting data, whether or not offered by the impartial third-party auditing agency or Ocwen, shall be directed to Carmine Costa, Director, Shopper Credit score Division at [email protected], or on the Division of Banking, 260 Structure Plaza, Hartford, Connecticut 06103-1800.  Any discover to Ocwen pursuant to the phrases of this Consent Order shall be offered to Michael Hollerich, Chief Compliance Officer, Ocwen Monetary Company, at [email protected], or at 16675 Addison Highway, Addison, Texas 75001.
14. Consent Not Unreasonably Withheld:  Each time an extension to a deadline is requested from the Commissioner pursuant to the phrases or situations of this Consent Order and Ocwen demonstrates that it has made its finest efforts to adjust to such deadline, consent to such extension shall not be unreasonably withheld or delayed.  No extension of a deadline might be granted for a motive which is understood or moderately foreseeable by Ocwen on the time of its execution of this Consent Order.
15.

Potential Financial Penalties:   a.  Topic solely to the chance of Ocwen to fulfill and discuss with the Commissioner, Ocwen consents to the rapid entry and imposition of the next financial sanctions:

i.

Ocwen shall pay Fifty Thousand {Dollars} ($50,000) to the Division within the occasion that Ocwen fails to:

A. Full the loss mitigation outreach occasion, as additional described in paragraph 9 above, by December 31, 2018; or
B. Submit the ultimate report for the Escrow Account Disclosure Assertion Assessment as additional described in paragraph 6 above on or earlier than March 1, 2019.
ii. Ocwen shall pay One Hundred Thousand {Dollars} ($100,000) to the Division within the occasion that Ocwen acts as a mortgage servicer or client assortment company in Connecticut with out a license from any workplace location throughout the eighteen (18) month interval commencing on thirty (30) days from the date of issuance of this Consent Order by the Commissioner; and
iii. Ocwen shall pay Two Hundred Fifty Thousand {Dollars} ($250,000) to the Division within the occasion that Ocwen fails to switch all Connecticut residential mortgage loans from the REALServicing platform onto a brand new servicing platform by April 30, 2020, as additional described in paragraph 1 above.  The failure of Ocwen and its new servicing platform vendor to offer to the Commissioner an affidavit of compliance with such deadline by Might 7, 2020 shall represent noncompliance with this provision.
b. The Division shall present written discover to Ocwen of any such violation and the corresponding financial sanction shall be remitted by wire switch, cashier’s examine, licensed examine or cash order, made payable to “Treasurer, State of Connecticut” no later than forty-five (45) days after the Division and Ocwen have conferred concerning the violation.  Ocwen, knowingly, willfully and voluntarily waives its proper to an administrative discover and a possibility for a listening to set forth within the Connecticut Uniform Administrative Process Act and any proper to hunt judicial evaluation of such penalties.  Moreover, such penalties shall be along with some other cures that the Commissioner could search for a violation by Ocwen of this Consent Order or any provision of the final statutes or any regulation inside the jurisdiction of the Commissioner.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the next:

1. The phrases set forth above be and are hereby entered;
2. Upon issuance of this Consent Order by the Commissioner, this matter might be resolved and the Commissioner won’t take any future enforcement motion in opposition to OLS, OBS, OMS, OFC and OFSPL dependent upon the allegations set forth herein or the findings of the Escrow Account Audit performed in accordance with paragraph 2 above; offered that the issuance of this Consent Order is with out prejudice to the precise of the Commissioner to take enforcement motion in opposition to OLS, OBS, OMS, OFC or OFSPL dependent upon intentional misconduct in violation of regulation uncovered on account of the Escrow Account Audit or a violation of this Consent Order or the issues underlying its entry, together with representations made in response to the Report of Examination issued by the Division with an examination conclusion date of October 26, 2016, if the Commissioner determines, following a possibility for Ocwen to fulfill and confer, that compliance with the phrases herein isn’t being noticed or if any illustration made by OLS, OBS, OMS, OFC or OFSPL, and mirrored herein is subsequently found to be unfaithful;
3. Topic to the foregoing, and as long as this Consent Order is promptly disclosed by OLS, OBS, OMS, OFC and OFSPL and its management individuals on NMLS, as relevant, nothing within the issuance of this Consent Order shall adversely have an effect on the flexibility of OLS, OBS, OMS, OFC or OFSPL to use for or get hold of licenses or renewal licenses beneath Half I of Chapter 668, Sections 36a-485 et seq., of the Connecticut Basic Statutes, Half VII of Chapter 669, Sections 36a-715 et seq., of the Connecticut Basic Statutes, and Half XII of Chapter 669, Sections 36a-800 et seq., of the Connecticut Basic Statutes, offered all relevant authorized necessities for any such license are happy;
4. This Consent Order shall be binding upon OLS, OBS, OMS, OFC and OFSPL and their successors and assigns; and
5. This Consent Order shall develop into closing when issued.

Issued at Hartford, Connecticut
this thirty first day of January, 2018.               ______/s/__________
                                                       Jorge L. Perez
                                                       Banking Commissioner

I, Timothy M. Hayes , state on behalf of Ocwen Mortgage Servicing, LLC, that I’ve learn the foregoing Consent Order; that I do know and absolutely perceive its contents; that I’m approved to execute this Consent Order on behalf of Ocwen Mortgage Servicing, LLC; that Ocwen Mortgage Servicing, LLC agrees freely and with out menace or coercion of any variety to adjust to the sanctions entered and phrases and situations ordered herein; and that Ocwen Mortgage Servicing, LLC voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the issues described herein.

                                                 By: ________/s/___________
                                                       Title:  Timothy M. hayes
                                                       Title:  Government Vice President
                                                       Ocwen Mortgage Servicing, LLC
                                                      

State of:  U.S. Virgin Islands

County of:  St. Croix

On this the twenty sixth day of January, 2018, earlier than me, Randall J. Belsvik, the undersigned officer, personally appeared Timothy M. Hayes who acknowledged himself/herself to be the Exec. VP of Ocwen Mortgage Servicing, LLC, a member managed/supervisor managed restricted legal responsibility firm, and that he/she as such EVP, being approved so to do, executed the foregoing instrument for the needs therein contained by signing the title of the restricted legal responsibility firm by himself/herself as EVP .

                                                     __________/s/___________
                                                     Notary Public  
                                                     Date Fee Expires:

I, Patricia Ann L. Guilatco , state on behalf of Ocwen Enterprise Options, Inc., that I’ve learn the foregoing Consent Order; that I do know and absolutely perceive its contents; that I’m approved to execute this Consent Order on behalf of Ocwen Enterprise Options, Inc.; that Ocwen Enterprise Options, Inc., agrees freely and with out menace or coercion of any variety to adjust to the sanctions entered and phrases and situations ordered herein; and that Ocwen Enterprise Options, Inc., voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the issues described herein.

    By: ________/s/___________
         Title:  Patricia Ann L. Guilatco
         Title:  President
         Ocwen Enterprise Options, Inc.

State of:  ________________________

County of:  Pasay Metropolis

On this the 26 day of January, 2018, earlier than me, ____________________________, the undersigned officer, personally appeared Patricia Ann L. Guilatco who acknowledged himself/herself to be the President of Ocwen Enterprise Options, Inc., an organization, and that he/she as such President, being approved so to do, executed the foregoing instrument for the needs therein contained, by signing the title of the company by himself/herself as Patricia Ann L. Guilatco .

In witness whereof I hereunto set my hand.

 __________/s/___________
 Notary Public  
 Date Fee Expires:  December 31, 2018

I, Timothy M. Hayes , state on behalf of Ocwen Mortgage Servicing, Inc., that I’ve learn the foregoing Consent Order; that I do know and absolutely perceive its contents; that I’m approved to execute this Consent Order on behalf of Ocwen Mortgage Servicing, Inc.; that Ocwen Mortgage Servicing, Inc., agrees freely and with out menace or coercion of any variety to adjust to the sanctions entered and phrases and situations ordered herein; and that Ocwen Mortgage Servicing, Inc., voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the issues described herein.

 By:  ______________________________________
 Title:  Timothy M. Hayes
 Title:  Government Vice President
 Ocwen Mortgage Servicing, Inc.

State of:  U.S. Virgin Islands

County of:  St. Croix

On this the twenty sixth day of January, 2018, earlier than me, Randall J. Belsvik, the undersigned officer, personally appeared Timothy M. Hayes who acknowledged himself/herself to be the Exec. VP of Ocwen Mortgage Servicing, Inc., an organization, and that he/she as such EVP, being approved so to do, executed the foregoing instrument for the needs therein contained, by signing the title of the company by himself/herself as EVP .

In witness whereof I hereunto set my hand.

 ______________________________________
 Notary Public
 Date Fee Expires:

I, Ronald M. Faris , state on behalf of Ocwen Monetary Company, that I’ve learn the foregoing Consent Order; that I do know and absolutely perceive its contents; that I’m approved to execute this Consent Order on behalf of Ocwen Monetary Company; that Ocwen Monetary Company agrees freely and with out menace or coercion of any variety to adjust to the sanctions entered and phrases and situations ordered herein; and that Ocwen Monetary Company voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the issues described herein.

 By:  ______________________________________
 Title:  Ronald M. Faris
 Title:  President and Chief Government Officer
 Ocwen Monetary Company

State of:  Florida

County of:  Palm Seashore

On this the twenty fifth day of January, 2018, earlier than me, Linda J. Ludwig, the undersigned officer, personally appeared Ronald M. Faris who acknowledged himself to be the President & CEO of Ocwen Monetary Company, an organization, and that he as such President & CEO, being approved so to do, executed the foregoing instrument for the needs therein contained, by signing the title of the company by himself as Ronald M. Faris .

In witness whereof I hereunto set my hand.

 __________________________________________
 Notary Public
 Date Fee Expires:  February 20, 2019

I, Timothy M. Hayes , state on behalf of Ocwen Monetary Options Personal Restricted, that I’ve learn the foregoing Consent Order; that I do know and absolutely perceive its contents; that I’m approved to execute this Consent Order on behalf of Ocwen Monetary Options Personal Restricted; that Ocwen Monetary Options Personal Restricted agrees freely and with out menace or coercion of any variety to adjust to the sanctions entered and phrases and situations ordered herein; and that Ocwen Monetary Options Personal Restricted voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the issues described herein.

 By:  ______________________________________
 Title:  Timothy M. Hayes
 Title:  Director
 Ocwen Monetary Options Personal Restricted

State of:  U.S. Virgin Islands

County of:  St. Croix

On this the twenty sixth day of January, 2018, earlier than me, Randall J. Belsvik, the undersigned officer, personally appeared Timothy M. Hayes who acknowledged himself/herself to be the Exec. VP of Ocwen Monetary Options Personal Restricted, an organization, and that he/she as such director, being approved so to do, executed the foregoing instrument for the needs therein contained, by signing the title of the company by himself/herself as director .

In witness whereof I hereunto set my hand.

 __________________________________________
 Notary Public
 Date Fee Expires: 

Administrative Orders and Settlements

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