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Ocwen Loan Servicing |
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Ocwen Loan Servicing A subsidiary of Ocwen Financial Services Ocwen has replaced Fairbanks Capital as the poster-child for bad servicing practices. Its lawsuit-to-loan ratio is by far the most extreme at 113 per thousand loans serviced. Ocwen “de-banked” itself to get out from under an Office of Thrift Supervision (OTS) agreement that imposed some of the same “best practices” rules the FTC included in the Fairbanks settlement. And while the number of suits appears in decline, part of the decline is as a result of attorneys holding off until the Federal MDL (Multi-District-Litigation) combined-cases are settled. (See: In re Ocwen Federal Bank FSB Mortgage Servicing Litigation, MDL Docket No. 1604.) Ocwen has also expanded into third-party debt collections for other kinds of consumer financial receivables, operating under the name “Ocwen Recovery Group.” Alarmingly, despite the company’s reputation and numerous suits, the Veteran’s Administration contracted with Ocwen for servicing of VA loans. Ocwen is dedicated to outsourcing, particularly notable for its “customer service” operations in India.
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William C. Erbey, CEO Ronald M. Farris, President Paul Koches, General Counsel Daniel C. O'Keefe, Vice President and Chief Accounting Officer
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Headquarters: 1661 Worthington Rd., Suite 100
www.ocwen.com
NYSE: OCN
Customer Service Department
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