Ocwen Financial Corp.’s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.
In September, the West Palm Beach, Florida-based company disclosed in a Securities and Exchange Commission filings that it had reached consent orders with 10 states.
The agreements prohibited Ocwen from boarding any new loans on the REALServicing system. This required the firm to find an alternative system.
Source: Mortgage Daily