Ocwen issued with cease and desist order.
Global Banking News-April 21, 2017--Ocwen issued with cease and desist order
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Global Banking News - 21 April 2017
Former hedge fund and mortgage servicer Ocwen Financial has been issued with a cease and desist order.
Shares of the firm plunged over 50 per cent after the North Carolina Commissioner of Banks and state mortgage regulators issued a Cease and Desist order to subsidiaries of the firm.
The firm was issued the order for mishandling consumer escrow accounts. Specifically, the order prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing.
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