Ocwen Responds to National Mortgage Settlement Foreclosure Holds

HousingWire, Apr. 28, 2016–Lane, Ben

Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In response, Ocwen noted the holds are not “frozen foreclosures,” but that “Many of these loans have never been referred to foreclosure and never will be.