A major U.S. mortgage servicing firm under investigation for issuing backdated letters to borrowers who sought loan modifications is also the subject of thousands of consumer complaints, government data shows.
Ocwen Financial (OCN) has been targeted by 13,520 complaints filed with the Consumer Financial Protection Bureau since December 2011 for problems involving loan servicing, foreclosures and related issues, according to the regulator’s data.
The complaint total ranked Ocwen third for mortgage-related grievances filed with the CFPB during the nearly three-year span. Only Bank of America (BAC), with 29,390 complaints, and Wells Fargo (WFC), with 17,574, had more, the data shows.
Ocwen’s complaint total topped those of two of its closest non-bank competitors in the mortgage servicing sector, Nationstar Mortgage (NSM) and Green Tree Servicing, a subsidiary of Walter Investment Management (WAC), according to the data.