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Ocwen settles California mortgage compliance dispute for $2.5 million
Ocwen settles California mortgage compliance dispute for $2.5 million

Ocwen Financial Corp. will pay $2.5 million and hire outside accountants to settle a dispute with California, which had threatened to suspend the license of the mortgage payment collector and foreclosure specialist. State financial regulators said Friday that they would select a third-party auditor to ensure that Ocwen provides the loan file information needed for the state to ensure the company is complying with state mortgage lending laws. As first reported by the Los Angeles Times last week, the California Department of Business Oversight had moved in October to pull Ocwen’s license after spending more than a year in what it said was an unsuccessful effort to obtain the...

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