advertisement

Mortgage deal monitor: Ocwen review may be flawed

WASHINGTON - The monitor overseeing a national mortgage settlement says an internal review of its compliance conducted by Ocwen Financial Corp., one of the biggest U.S. servicers of home loans, may not have provided accurate accounting.

Joseph Smith, who is monitoring banks' and mortgage servicers' compliance with the $25 billion settlement over foreclosure abuses, said Tuesday he has hired an independent accounting firm to "re-test" Ocwen's progress in the first half of the year. Smith said he started investigating in May after an Ocwen employee alleged there were "serious deficiencies" in the company's review. The employee's complaint raised questions about the review's independence from Ocwen management, Smith said in a report.

Atlanta-based Ocwen said Tuesday it has made changes to its review process to make it more independent.

Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.