Ocwen Financial has wrapped up the series of 30 cases filed by state regulators and/or attorneys general over its mortgage servicing escrow practices, entering into a settlement with officials in Florida.
"Ocwen believes that it has sound legal and factual defenses to all of the State of Florida's claims, but concluded that it is in the best interest of its stakeholders to resolve this matter without admitting liability in order to avoid the further distraction and expense of litigation," a statement from the West Palm Beach, Fla.-based company said.
A press release from the Florida Attorney General's office, which was working in tandem with the state's Office of Financial Regulation pegged the settlement at over $11 million, while Ocwen said it was paying almost $5.2 million. It is also liable for an additional $1 million in two years if certain loan modification-related obligations are not met.
The disparity between those two amounts is attributed to the company waiving approximately $5.5 million in late fees that have been assessed but not yet collected, an Ocwen spokesperson said.
"This represents an additional direct monetary benefit to thousands of Florida borrowers. We do not expect the waiving of late fees will have a material adverse effect on our financial results or our ability to achieve our financial objectives," the spokesperson said.
Florida, in conjunction with
As part of those initial regulatory settlements, Ocwen had to
The transition was one of the reasons behind Ocwen's February 2018 agreement
The Florida settlement came a year after Ocwen won a
Many of those