Ocwen Financial and its subsidiaries faced a slew of accusations from federal and state regulators yesterday, as the Consumer Financial Protection Bureau and Florida accused it of widespread servicing errors, while 20 states filed separate cease-and-desist orders against the firm for improper handling of consumer escrow accounts, NationalMortgageNews.com reported. The actions cap years of state and federal investigations into Ocwen. The once high-flying West Palm Beach, Fla., mortgage servicer grew quickly after the financial crisis, only to get caught by regulators for allegedly violating mortgage servicing standards. The CFPB said that it had uncovered "substantial evidence" that Ocwen has engaged in significant and systemic misconduct. “Ocwen has repeatedly made mistakes and taken shortcuts at every stage of the mortgage servicing process, costing some consumers money and others their homes,” CFPB Director Richard Cordray said yesterday.
