CFPB Debt Collection Complaint Ranking*:

#37 of 2,458 Companies

Lawsuits, Penalties, or Sanctions:

GARFIELD v. OCWEN LOAN SERVICING, LLC (Argued: October 20,1 2015) United States Court of Appeals, Second Circuit, Docket No. 15-527.

LLEWELLYN v. ALLSTATE HOME LOANS, INC. (March 28, 2013.) United States Court of Appeals, Tenth Circuit. No. 11-1340.

WEINER v. OCWEN FINANCIAL CORPORATION (July 28, 2015.) United States District Court, E.D. California. No. 2:14-cv-02597-MCE-DAD.

Ocwen ordred to pay $2 billion to homeowners for “systematic misconduct” in servicing of mortgages.

Location and Contact Details:

1661 Worthington Road
Suite 100
West Palm Beach, FL 33409
Phone: (561) 682-8000
Fax: (561) 682-8154
Ronald M. Faris, President/CEO
Timothy M. Hayes, Ethics Contact

Business Model:

Ocwen Loan Servicing, LLC offers residential mortgage loans and other services. Its loan servicing includes collections, investor accounting, foreclosure, and property disposition. The company services mortgage backed securitized and unsecuritized loans and securities. The company was founded in 1989 and is a subsidiary of Ocwen Financial Corp.

Ocwen is a successor to GMAC Mortgage.

Ronald M. Faris, has been the President of Ocwen Financial Corp. since March 2001 and serves as the President and Chief Executive Officer of Ocwen Loan Servicing, LLC.

Ocwen target of second SEC probe into mortgage servicing practices.

 Ocwen CEO Faris wants to sell off debt portfolio due to regulatory scrutiny and consumer complaints – JPMorgan agrees to buy $45 billion of Ocwen Loan Servicing.

CEO Faris shrinking Ocwen due to regulatory scrutiny – Walter Investments buys $9 million.

* Ranking determined by the overall number of debt collection complaints to the Consumer Financial Protection Bureau (CFPB) as of year-end 2015 and should be considered in context of company size and/or market share. See the CFPB debt collection complaint database in real-time here

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Michael F. Cardoza, Esq.
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U.S. Marine & Consumer Financial Protection Attorney helping victims of ID theft and Credit Reporting errors.