first_imgHome / Daily Dose / Judge Dismisses Class Action Racketeering Suit Against Ocwen Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Secondary Market May 29, 2015 1,442 Views Previous: Outlook for Housing and Economy Remain Positive Despite Q1 GDP Contraction Next: Delinquencies Down Among Single-Family Rental Securitizations Related Articles Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Judge Dismisses Class Action Racketeering Suit Against Ocwen Share Save Ocwen Financial Corp. won a victory in a Los Angeles court when a federal judge dismissed a class action lawsuit against the servicer accusing them of illegally charging excessive fees for property inspections, according to media reports.Judge Otis Wright in the U.S. District Court for the Central District of California threw out the suit on Thursday, ruling that a group of California homeowners’ claims against Ocwen amounted to a breach of contract claim but nothing else.The homeowners filed the suit against Ocwen in 2014, accusing the Atlanta-based non-bank mortgage servicer of violating various California state laws as well as federal laws, including the U.S. Racketeer Influenced and Corrupt Organizations Act, according to Reuters. The homeowners claim that Ocwen charged them for unnecessary repeat inspections properties where the borrower was either delinquent or in default, and by doing so they claim Ocwen was in violation of Fannie Mae’s servicing guidelines that require individual cases to be assessed to determine if the properties are in need of subsequent inspections after the first.In his ruling, Wright said the homeowners could not enforce Fannie Mae’s servicing guidelines because they were not a party to them. Since the homeowners’ entire claim depended on those guidelines, without them they had no claim, the judge said.”We are pleased and agree with the decision of the court,” Ocwen spokesman John Lovallo said in an email to DS News.The homeowners also accused former Ocwen chairman Bill Erbey, as a major shareholder in Altisource Portfolio Solutions, the company with which Ocwen contracted to perform the property inspections. The plaintiffs in the suit did not name Erbey as a defendant. Erbey, who founded Ocwen in the mid-1980s, resigned his position with Ocwen in December as part of a $150 million settlement with the New York Department of Financial Services over alleged servicing violations. Subscribe  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago California Delinquent Borrowers Lawsuits Mortgage Servicers Ocwen Financial Property Inspections 2015-05-29 Brian Honea The Best Markets For Residential Property Investors 2 days ago Tagged with: California Delinquent Borrowers Lawsuits Mortgage Servicers Ocwen Financial Property Inspections Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img

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