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I’m a loan officer for a large bank and at least 1 to 2 times per week I get a call from somebody who has a loan serviced by Ocwen. In most cases they are literally begging me to do an application, they don’t care what the rate or cost is, even if it’s higher than their current rate, they just want to get away from the company.

The orders prohibit the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing, a subsidiary of Ocwen, until the company is "able to prove it.

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CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing. If the servicing rights for your loan are sold and you get a new.

– Today, the Consumer Financial Protection Bureau (CFPB), authorities in 49 states, and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater.

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Ocwen corporation is a mortgage services company with its principle headquarters in Atlanta, Georgia. Ocwen has other locations in Washington, D.C., Orlando, Florida and West Palm Beach, Florida. While Ocwen does not provide new home mortgage loans but instead services existing both prime and subprime loans.

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Founded in 1988, Ocwen has more than 9,000 employees and services mortgage loans in all 50 states and the District of Columbia. The company has specialized in subprime home loans over the years.