first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Daily Dose / Ocwen to Pay $3.7M to Massachusetts Homeowners Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 17, 2014 1,026 Views Subscribe Foreclosure Martha Coakley Massachussetts Ocwen Settlement 2014-06-17 Colin Robins Ocwen to Pay $3.7M to Massachusetts Homeowners Previous: Builder Confidence Jumps in June Next: HOPE NOW: Loan Mods Reach 7 Million Mark; 42k in April Tagged with: Foreclosure Martha Coakley Massachussetts Ocwen Settlement The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Magazine, News, State Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Colin Robins Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles Sign up for DS News Daily Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Ocwen, the nation’s fourth largest mortgage servicer, has agreed to pay $3.7 million to resolve allegations that it failed to give notice to homeowners, and that the company unlawfully foreclosed on properties in Massachusetts. The announcement came from the state’s Attorney General Martha Coakley, who alleged the non-bank servicer failed to follow Massachusetts law when handling certain mortgage loans.The Massachusetts AG charged the company with failing to send state-mandated notices to homeowners in default, as well as failing to execute proper mortgage assignments. Furthermore, a company acquired by Ocwen, Litton Home Servicing Limited Partnership, allegedly initiated foreclosures when it did not hold the actual mortgages.The AG’s office alleged that Litton’s actions resulted in void foreclosure, which affected the marketability and insurability of the titles.”Massachusetts homeowners faced unnecessary challenges due to these companies failure to provide proper notices and by initiating illegal foreclosures,” Coakley said. “This agreement provides for direct relief for affected borrowers and requires that Ocwen undertake efforts to repair problem titles in the Commonwealth.”Ocwen will pay $3 million to Massachusetts homeowners, while $700,000 will go directly to the state.Additionally, the Office of the Attorney General noted, “Ocwen is required to properly execute documents filed in connection with foreclosure proceedings, and mail notices to residents that are in compliance with applicable statutes and regulations.Ocwen could not be reached for comment.last_img

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