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Thursday, December 19, 2013

CFPB, State Authorities File Court Order Against Nonbank Mortgage Loan Servicer

The CFPB put out a press release this afternoon:

"[The CFPB and state authorities] filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers."

The nonbank mortgage loan service must also refund $125 million to nearly 185,000 borrowers who have been foreclosed upon.

Read more.

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