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Office of the Commissioner of Financial Regulation

 

Commissioner of Financial Announces Agreement with Servicer to Refund Maryland Borrowers

 

BALTIMORE - (July 8, 2009) - Maryland Commissioner of Financial Regulation Sarah Bloom Raskin today announced that Ocwen Loan Servicing, one of the nation's largest mortgage servicers, has refunded approximately $670,000 to Maryland borrowers. 
The refunds followed an examination by the Office of the Commissioner of Financial Regulation that uncovered previous violations of Maryland law, primarily related to restrictions on the imposition of prepayment penalties. Ocwen cooperated with the examination and agreed to perform a self-audit to review its entire Maryland portfolio for similar violations.

Upon completion of the self-audit, the company voluntarily refunded $674,137 to more than 180 Maryland consumers. The refund checks were mailed to Maryland consumers in late June.

"Prepayment penalties too often trap borrowers in a cycle of debt. We are pleased to have been able to help Marylanders get the benefits of laws that were designed to protect them, and we appreciate Ocwen's cooperation in this matter," Commissioner Sarah Bloom Raskin said.

Maryland is one of few states that maintain licensing and examination authority over independent mortgage servicers. The state does not have authority over those servicers owned by national banks.

"As state regulators, we are particularly sensitive to the impact of servicing practices on our residents," Commissioner Raskin said.