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California seeking to suspend Ocwen Financial's mortgage license
California seeking to suspend Ocwen Financial's mortgage license

The state is seeking to suspend the mortgage license of Ocwen Financial Corp., saying the payment collection firm has failed to turn over documentation showing that it complies with California laws protecting homeowners. The action is the latest against one of the nation's biggest mortgage servicers and raises the level of concern over continuing problems in billing and collecting monthly payments from borrowers, especially those having financial problems. Investigations have cropped up nationwide into Ocwen and other nonbank servicing firms that have acquired mortgage billing portfolios from major banks, which previously faced state and federal probes. Banks began shedding the...

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