Servicing Litigation Continues to Stalk the Industry: Ocwen, Nationstar and Cenlar Are Under Fire
June 30, 2016
Last week, Ocwen Financial agreed to a $30 million settlement with the Department of Justice regarding two lawsuits that alleged violations of the False Claims Act. The lawsuits alleged that Ocwen Loan Servicing and Ocwen’s Homeward Residential division violated the FCA by falsely certifying their compliance with the Home Affordable Modification Program and FHA insurance programs, thus rendering all HAMP incentive and FHA insurance payments on Ocwen- or Homeward-serviced loans false claims. One of the cases was scheduled...