Ocwen's 'Excellent' Deal Over Mortgage Software Error OK'd

By Dorothy Atkins (January 27, 2017, 7:55 PM EST) -- A California federal judge said Friday she will approve Ocwen Loan Servicing LLC's $600,000 settlement resolving class action claims that it failed to apply certain mortgage payments to borrower accounts because of a software bug, calling the deal "an excellent result" for the roughly 9,000 class members.

U.S. District Judge Beth Freeman said the deal fairly and adequately compensates class members, that the parties adequately notified the members, and that there's "really nothing for class members to complain about."

"It's well within the range of an adequate — if not excellent — settlement," Judge Freeman said.

Under the proposed settlement, more...

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