Mediation between Ocwen Financial and the Consumer Financial Protection Bureau has ended without a resolution, with the mortgage company stating the regulator's requests were excessive.
"We remain steadfast in our belief that the CFPB's claims regarding Ocwen's past servicing practices are unsubstantiated and the bureau's settlement demands do not reflect the merits of this case," Ocwen said in a press release.
"While we remain committed to attempting to resolve this matter prior to trial, our pending motion for summary judgment filed on June 5, 2020 supports our position on this matter, and we will continue to vigorously defend ourselves going forward," the statement read.
The CFPB said it does not comment on pending litigation.
The West Palm Beach, Fla.-based company already scored
In anticipation of a resolution being reached in mediation, Ocwen increased its legal and regulatory accrual related to the CFPB matter by $13.1 million during the fourth quarter of 2020.
The case filed by the CFPB is the only active legal action remaining from the multiple lawsuits
As part of the initial settlements, Ocwen was forced to
The transition was one of the reasons behind Ocwen's February 2018 agreement
Most recently, Ocwen joined with Oaktree Capital Management in