A lawsuit filed by the State of Florida alleges Ocwen Financial Corp.’s errors have resulted in “significant harm to borrowers, including but not limited to improper late fees, inaccurate negative credit reporting and borrower frustration.”
Twenty states have filed similar actions, along with the federal Consumer Financial Protection Bureau. The Florida lawsuit, filed by the state Attorney General and the Florida Office of Financial Regulation, says the West Palm Beach-based company filed illegal foreclosures, mishandled loan modifications, misapplied mortgage payments, failed to pay insurance premiums from escrow and collected excessive fees.
“When Ocwen has sent escrow statements, in many instances the escrow statements have contained inaccurate information pertaining to the borrowers’ account histories, escrow balances, and escrow payments,” the lawsuit said.
The complaint filed in federal court in West Palm Beach alleges violations of the Real Estate Settlement Procedures Act, the Florida Deceptive and Unfair Trade Practices Act and Chapter 494, Florida Statutes.
This is not the first time Ocwen has been accused of foreclosure misconduct. In 2014, a court approved a $2.1 billion settlement between Ocwen and 49 states, as well as the District of Columbia and the Consumer Financial Protection Bureau, to address allegations of Ocwen’s mortgage servicing misconduct.
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