Atlanta, Georgia — On September 28, 2017, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Ocwen Loan Servicing, LLC (“Ocwen”), NMLS No. 1852, Georgia Mortgage Lender License No. 19438, located at 1661 Worthington Road, Suite 100, West Palm Beach, Florida 33409.

The Consent Order was entered to resolve a proposed Order to Cease and Desist issued to Ocwen based on allegations that Ocwen had violated the Georgia Residential Mortgage Act, O.C.G.A. § 7-1-1000 et seq. (“GRMA”), for, among other reasons, failing to accurately reconcile consumer escrow accounts in its portfolio in violation of O.C.G.A. § 7-1-1013(5).  The Consent Order provides that Ocwen will transition its servicing portfolio off of its current servicing platform to a platform better able to manage escrow accounts and establish a new complaint resolution process.  Ocwen shall hire a third-party firm to audit a statistically significant number of escrow accounts in high-risk areas of the portfolio to determine whether problems continue to exist around the management of escrow accounts and to identify the root cause of those problems.

Pursuant to O.C.G.A. § 7-1-1013(5), any person transacting a mortgage business in or from this state is prohibited from failing to account for or deliver to any person any personal property obtained in connection with a mortgage loan such as money, funds, deposit, check, draft, mortgage, or other document or thing of value which has come into the possession of a licensee or registrant and which is not the property of the licensee or registrant, or which the mortgage lender or broker is not in law or at equity entitled to retain.

Contact: 
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected]

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