In December, 2014, Ocwen Financial Corporation and Ocwen Loan Servicing entered into a consent order with 49 States and the District of Columbia to provide $2 billion in principal reduction to underwater borrowers and provide $125 million to foreclosure victims as a result of Ocwen’s systemic misconduct at every stage of the mortgage servicing process. Notice packages have now been mailed to affected borrowers and The National Ocwen Settlement Administrator, responsible for handling settlement claims, has created a website with information for consumers who were harmed by Ocwen’s actions. In addition, the CFPB has posted instructions for filing claims under the settlement agreement in its blog.
