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Ocwen Financial Services, LLC, the company that millions of Americans are forced to deal with when handling their mortgage loan transaction, welcomed the New Year by admitting, once and for all, that its records on countless home mortgage transactions simply could not be trusted.

As part of a settlement agreement with the New York State Department of Finance, Owen and its related companies admitted that they had been, for years, backdating notice letters, mishandling loan modification applications, failing to honor loan modification agreements, and when customer called to complain, they were simply The order has the force of law in New York, and because Ocwen stipulated to it, may be considered an admission of wrongdoing by other courts.

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Here’s a copy of the order itself: Ocwen Consent Order [PDF] Some of the most amazing admissions come in paragraphs 14–18 of the Consent Order: 14.

In the course of its review, the Compliance Monitor determined that Ocwen’s information technology systems are a patchwork of legacy systems and systems inherited from acquired companies, many of which are incompatible.

A frequent occurrence is that a fix to one system creates unintended consequences in other systems.

As a result, Ocwen regularly gives borrowers incorrect or outdated information, sends borrowers backdated letters, unreliably tracks data for investors, and maintains inaccurate records.

There are insufficient controls in place— either manual or automated—to catch all of these errors and resolve them.15.

For example, Ocwen’s systems have been backdating letters for years.In many cases, borrowers received a letter denying a mortgage loan modification, and the letter was dated more than 30 days prior to the date that Ocwen mailed the letter.These borrowers were given 30 days from the date of the denial letter to appeal that denial, but those 30 days had already elapsed by the time they received the backdated letter.In other cases, Ocwen’s systems show that borrowers facing foreclosure received letters with a date by which to cure their default and avoid foreclosure—and the cure date was months prior to receipt of the letter.Ocwen’s processes failed to identify and remedy these errors.16.Moreover, Ocwen failed to fully investigate and appropriately address the backdating issue when an employee questioned the accuracy of Ocwen’s letter dating processes and alerted the company’s Vice President of Compliance.

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