Ocwen To Pay $1M For Force-Placed Insurance Problems

By Evan Weinberger (September 6, 2017, 5:53 PM EDT) -- Ocwen Financial Corp. on Wednesday agreed to a $1 million penalty for failing to meet metrics related to the termination of force-placed insurance that was required under a 2014 national mortgage servicing settlement, according to court filings.

The West Palm Beach, Florida-based mortgage firm exceeded the maximum 5 percent error rate on a metric in the settlement that requires the firm to terminate certain force-placed insurance policies and refund prorated premiums within 15 days during the first quarter of 2017, according to a filing in the D.C. district court by state attorneys general charged with monitoring the settlement.

Ocwen reached a...

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