CFPB, Florida Sue Ocwen For Mortgage Servicing Issues

Law360, New York (April 20, 2017, 5:02 PM EDT) -- The Consumer Financial Protection Bureau on Thursday sued mortgage servicer Ocwen Financial Corp. in Florida federal court alleging that the firm’s servicing database is riddled with inaccuracies and incomplete information that resulted in wrongful foreclosure proceedings against around 1,000 families, the same day Florida filed a similar suit against the company.

The CFPB's complaint, filed in federal district court in West Palm Beach, Florida, came at the same time that Florida Attorney General Pam Bondi and the state’s Office of Financial Regulation Commissioner Drew J. Breakspear filed their own complaint against Ocwen. North Carolina and more than 20 other states also...

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