Altisource Portfolio Solutions reveals CFPB probe into relationship with Ocwen

The Consumer Financial Protection Bureau is looking into the relationship between Altisource Portfolio Solutions and Ocwen Financial, Altisource revealed on Thursday.

Altisource disclosed in its yearly 10-K filing with the Securities and Exchange Commission that it received a “Notice and Opportunity to Respond and Advise” letter from the CFPB late last year about a “potential enforcement action” against Altisource.

According to the filing, which was spotted by Seeking Alpha, Altisource said that it received the NORA letter on Nov. 10, 2016.

The letter said that the CFPB is “considering a potential enforcement action against Altisource relating to an alleged violation of federal law that primarily concerns certain technology services provided to Ocwen.”

As the SEC filing notes, a NORA letter gives the recipient the opportunity to respond before an enforcement action is undertaken, which Altisource did in December.

Read on.


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