Ocwen pays Massachusetts $3.7 million to resolve foreclosure claims

One of the biggest non-bank mortgage servicers in the U.S. Ocwen Financial Corp. (OCN) agreed to settle a Massachusetts lawsuit related to mortgage handling by paying $3.7 million

Ocwen Financial Corp, the fourth largest mortgage servicer in the United States, has agreed to pay the state of Massachusetts $3.7 million to resolve claims that it failed to provide adequate notices to homeowners as required under the law and illegally foreclosed on properties.

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In a release, Bondi’s office claims that despite a 2014 settlement between Ocwen, the CFPB, and 49 states that involved Ocwen providing $2 billion in consumer relief and paying a fine of $127.3.

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In its latest settlement, Ocwen Financial Services agreed to pay $3.7 million to resolve claims that it failed to provide certain notices to homeowners in Massachusetts.

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Of the $13 billion, $9 billion will pay state and federal civil lawsuit claims over residential mortgage-backed securities including: $2 million as a civil penalty to the DOJ $1.4 billion to resolve the National Credit Union Administration ‘s state and federal claims

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Ocwen said it will pay PHH shareholders $360 million, or $11 per diluted common share, which is a "35% discount to PHH’s GAAP book equity at December 31, 2017." It will also assume $119 million in PHH corporate debt. But PHH has $260 million in cash on its balance sheet that Ocwen will be able to use to fund the deal.

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