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Ocwen Crashes Over 50% After N.C. Bank Commissioner Issues Cease And Desist Letter

zerohedge.com / by Tyler Durden / Apr 20, 2017

Former hedge fund hotel-darling and mortgage servicer Ocwen Financial plunged over 50% after the North Carolina Commissioner of Banks and state mortgage regulators from over 20 states issued a Cease and Desist order to subsidiaries of Ocwen to address mishandling of consumer escrow accounts and a deficient financial condition. Specifically, the order prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing.

The summary findings from the C&D (link)

The Commissioner of Banks (“Commissioner”) having determined that Ocwen Financial Corporation has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of state and federal law and applicable regulations, hereby issues the following FINDINGS OF FACT and ORDER TO CEASE AND DESIST.

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