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Article: Update: Where Ocwen Stands with Regulators, Litigators.(Ocwen Financial )
- Article from:
- American Banker
- Article date:
- June 4, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Ocwen Financial Corp. boasts that its servicing practices are stringently regulated and says scrutiny is one of several things that differentiate it from its troubled competitor, Fairbanks Capital Corp. of Salt Lake City.
"There is probably never a point in time when the OTS isn't in our offices for one reason or another," said Ron Faris, the West Palm Beach, Fla., company's president. Because servicing has been the main activity of Ocwen's thrift unit for the last three years, "when they would do their safety-and-soundness exams, most of the time they spent was on servicing."
Not surprisingly, Ocwen downplayed its mid-April supervisory agreement with ...