As part of consent orders reached with multiple states, Ocwen Financial Corp. has agreed to transition away from its current mortgage servicing system and improve its servicing practices.

West Palm Beach, Florida-based Ocwen filed a Form 8-K report Friday with the Securities and Exchange Commission indicating it reached consent orders with 10 states.

The agreements come five months after the Consumer Financial Protection Bureau, 30 states and the District of Columbia took legal or regulatory action against Ocwen over its servicing practices.

Source: Mortgage Daily