Didn't Maryland throw Ameriquest out of their state some years ago, too?? Imagine the misery that was probably averted by this move!
Ocwen under investigation
He said the state has also opened an investigation into the servicing practices of Ocwen Financial, one of the largest servicers of Maryland loans, and may look to revoke the company’s operating license in the state depending on the outcome of a review of individual loan files.
“Everyone in the mortgage industry has said they want to help homeowners avoid foreclosure. We want to ensure their actions are matching their words,” Department of Labor, Licensing and Regulation Secretary Thomas Perez said.
“This data collection will shine a bright light on servicers, and will help DLLR help homeowners.”
The Washington Post, reporting on this story, said that both O’Malley and Perez have accused the industry of being unresponsive to borrowers seeking help:
O’Malley and Perez accused the industry of failing to respond to homeowners trying to renegotiate their mortgages, citing complaints from residents who said they placed calls only to find busy signals, long waits on hold and a lack of assistance.
“We need the loan servicers to join with us, and not from Topeka, Kansas, from some 1-800 number, but here in Maryland so that we can reach out and do a better job,” O’Malley said.