Ocwen Foreclosures Frozen after National Mortgage Settlement Compliance Failure

HousingWire, Apr. 28, 2016–Lane, Ben

Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans. But it’s not all bad news for Ocwen; The NMS stated that Ocwen has provided 23,000 borrowers with more than $2 billion in consumer relief, which fulfills its consumer relief obligation.