A $225 million settlement with the state of California resolves a consent order that was reached in early 2015 with an Ocwen Financial Corp. unit.
In January 2015, the California Department of Business Oversight sought to suspend the mortgage licenses of Ocwen Loan Servicing LLC.
The action, taken because it allegedly failed to comply with requests for documentation, jeopardized the servicing of $94 billion of loans in the state.
Source: Mortgage Daily
