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"This settlement allows us to move forward and ensure that Ocwen is meeting its obligations under the law," said Jan Lynn Owen, the state agency's commissioner.
California's Department of Business Oversight said Friday that it will drop its effort to suspend Ocwen Loan Servicing's mortgage license in California. The Atlanta servicer had failed for more than a year to provide its California regulator with requested information
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Alongside his new tasks as Altisource's chief revenue officer, John Vella will continue his executive leadership role at Equator, its default servicing technology business
Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.
While put-backs and litigation risk are widely recognized as factors that have contributed to tight credit conditions, another factor — high servicing costs for nonperforming loans — is being overlooked.
Borrowers who are being sued by lenders over the money owed on foreclosed mortgages are making novel use of the Fair Debt Collection Practices Act. They argue that they cannot be sued if they live in a state different from the one where the property is located.
TASK AHEAD: B of A seeks to reduce its number of delinquent loans and legacy costs to $500 million a quarter in coming years, CEO Brian Moynihan has said.
The nation's largest banks have attacked their delinquent loan portfolios with gusto, but they may hit some barriers in 2015. The market for nonperforming loans is still robust with about $60 billion estimated to change hands in 2014.
The CFPB has at least six active investigations into servicers amid concerns that defaulted borrowers will not get foreclosure relief if their loan is bought and transferred to a new servicer.
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