Facts

The Commissioner of Business Oversight filed an administrative action to suspend the mortgage servicing and lending licenses of Ocwen Loan Servicing LLC, involving allegations of shoddy business practices.

CLAIMANT'S CONTENTIONS:
Complainant accused respondent of sloppy record keeping and failure to comply with federal and state laws, including the California Homeowner Bill of Rights, to the detriment of borrowers. Among other things, respondent allegedly failed to provide required information to borrowers regarding denial notices, which then placed them at risk of not obtaining loan modifications.

Result

The parties entered into a consent judgment whereby Ocwen agreed to pay cash in the amount of $25 million and an additional $198 million in debt forgiveness and other relief.