Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Gee, poor old Ocwen the Honest. It is just one bumble-headed "error" after another for these clowns.

If Ocwen and Koches were violating MD state law, what do you want to bet that they are violating other state's laws? Like the other 49 states?

At the end of this article, Ocwen says that it "services" 341,000 mortgages nationwide. According to this at Justia: at least half of them must be in or entering litigation!

Ocwen must be stuffed to the brim with, sub-grade morons. I would like to have a job where I can be box-of-hair stupid and draw a nice salary anyway....ignorance is truly bliss if you work at Ocwen!

Ocwen Loan Servicing refunds $674K to MD mortgage borrowers

Wednesday, July 8, 2009

Ocwen Loan Servicing, one of the U.S.’s largest servicers of residential mortgage loans, has voluntarily refunded $674,137 to more than 180 Maryland borrowers after a state examination found violations of Maryland law restricting the imposition of prepayment penalties.

That was the word Wednesday from Maryland Commissioner of Financial Regulation Sarah Bloom Raskin. Ocwen cooperated with the agency’s examination and voluntarily conducted its own review of its entire Maryland loan portfolio, said Paul Koches, an executive vice president with Ocwen Financial Corp. (NYSE: OCN), of West Palm Beach, Fla., which is Ocwen Loan Servicing’s corporate parent.

The refund payments were mailed out late last month.

The loans in question were not made by Ocwen, Koches said.
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I somehow missed this one even though it is in my back yard.  Thanks for posting it.  The last sentence reads: The loans in question were not made by Ocwen, Koches said.”  The first question is - what the hell difference does it make who originated the loans?  You can go to Google and find out what states forbid pre-payment penalties.  Second, does anyone really believe that Ocwen didn’t know that Maryland does not allow pre-payment penalties?  And third, how much do you want to bet Ocwen informed the investors of the subject loans that pre-payment penalties were uninforceable in Maryland but pocketed the penalties anyway?      

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