Ocwen Must Appoint Monitor To Oversee Mortgage Servicing

Law360, New York (December 5, 2012, 10:00 PM EST) -- The New York Department of Financial Services on Wednesday ordered Ocwen Financial Corp. to appoint an independent monitor to oversee its compliance with a 2011 mortgage servicing settlement after the regulator found that Ocwen had repeatedly violated the terms of the deal.

Ocwen, one of the nation's largest mortgage servicers, failed to provide homeowners with required notifications before starting foreclosure proceedings and in many cases did not show troubled borrowers that the company had standing to begin the foreclosure process, the DFS said. The review by...
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