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Ocwen Financial Corporation, Ocwen Mortgage Servicing, Inc., and Ocwen Loan Servicing, LLC

On April 20, 2017, the Bureau filed a complaint against mortgage loan servicer Ocwen Financial Corporation and its subsidiaries. The Bureau alleges that they used inaccurate and incomplete information to service loans, misrepresented to borrowers that their loans had certain amounts due, illegally foreclosed on homeowners that were performing on agreements on loss mitigation options, failed to adequately investigate and respond to borrower complaints, and engaged in other conduct in violation of the CFPA, TILA, FDCPA, RESPA, and Homeowners Protection Act (HPA). On June 23, 2017, Ocwen moved to dismiss. On September 5, 2019 the Court ruled on the motion to dismiss, rejecting the majority of Ocwen’s arguments but requiring the Bureau to re-plead its allegations, which the Bureau did on October 4, 2019. The case was partially consolidated with a related case against Ocwen brought by the Office of the Attorney General and Office of Financial Regulation for the State of Florida, and the Florida plaintiffs settled their claims against Ocwen. On March 4, 2021, the Court entered an Order Granting in Part the Defendants’ Motion for Summary Judgment as to Counts 1-9 of the Bureau’s First Amended Complaint, based on res judicata. On April 19, 2021, the Bureau filed a Second Amended Complaint that dropped Count 10 of its First Amended Complaint and limited the claims set forth in Counts 1 through 9 to allegations of violations for the time period of January 2014 through February 26, 2017. On April 21, 2021, in light of the Bureau’s recently filed Second Amended Complaint, the Court entered a Final Judgment in favor of the defendants. The Bureau filed a notice of appeal the same day. The case remains pending.

Related documents

Complaint

First Amended Complaint

Second Amended Complaint

Final Judgment

Press release

CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process