Mortgage

Ocwen wins once more towards CFPB

A federal judge in Florida granted Ocwen a final victory over the Consumer Financial Protection Bureau on the final remaining matter out of a number of cases filed in 2017.

In particular, Judge Kenneth Marra ruled that all of the activities alleged in the first nine items of the complaint relating to Ocwen's service activities prior to February 26, 2017 were already covered by the 2014 national mortgage settlement completed and by the CFPB.

Judge Marra allowed the government to pursue claims for alleged violations that occurred after the NMS Agreement expired after February 26, 2017 and were therefore not covered by this lawsuit. The CFPB has 15 days to submit its supplementary statement indicating whether it intends to assert claims for alleged violations of the law after February 26, 2017.

The CFPB, along with the Florida Attorney General, filed their case in April 2017. A group of 30 state regulators and / or attorneys general simultaneously filed their own lawsuit.

All but the CFPB case have been resolved. Last September, Judge Marra Ocwen initially issued a summary judgment on the case, but allowed the CFPB to decide again whether it could, which it did, separate the actual allegations for each count in the complaint. In January, Ocwen announced that the court-ordered mediation efforts to resolve the case had failed.

The last count that is active includes allegations of Ocwen's timely cancellation of private mortgage insurance. Judge Marra denied either party's motion for a summary judgment on this part of the lawsuit.

Ocwen vowed to continue to defend his case.

"During this legal battle, we firmly believe that the CFPB's allegations regarding Ocwen's previous maintenance practices were unfounded," the company said in a press release. "Ocwen will continue to vigorously defend himself against the remaining single count and any claims the court will allow with respect to any period after February 26, 2017."

The CFPB did not comment on the decision.

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