Getting your player ready...
WASHINGTON — The monitor overseeing a national mortgage settlement said Tuesday that Ocwen Financial Corp., one of the biggest U.S. servicers of home loans, has produced unreliable information about its business practices.
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-evaluate Ocwen’s progress in the first half of the year.
Smith’s investigation began in May after an Ocwen employee alleged there were “serious deficiencies” in the company’s internal review. The employee’s complaint raised questions about the review’s independence from Ocwen management, Smith said in a report.
