Identifying Ocwen Properly in Pleadings

Taken from a complaint filed by the CFPB, this should help those who want to sue Ocwen and want to make sure they are suing the right entity and making the correct allegations.

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see Ocwen

10. Ocwen Financial Corporation (“OFC”) is a publicly-traded Florida corporation that maintains its principal place of business in West Palm Beach, Florida. At all times relevant to this complaint, OFC has done business in this District and throughout the United States.

11. Ocwen Mortgage Servicing, Inc. (“OMS”) is a United States Virgin Island corporation that maintains its principal place of business in the United States Virgin Islands. At all times relevant to this complaint, OMS has done business in this District and throughout the United States.

12. Ocwen Loan Servicing, LLC (“OLS”) is a Delaware limited liability company that maintains its principal place of business in West Palm Beach, Florida. At all times relevant to this complaint, OLS has done business in this District and throughout the United States.

13. OFC, through its subsidiaries, originates and services loans. OFC, OMS, and OLS (collectively “Ocwen”) engage in servicing activities relating to the loans by, among other things, processing borrower payments, administering loss mitigation processes, and managing foreclosures. Ocwen also acquires and collects upon borrowers’ mortgage debts that are in default.

14. OFC, the parent and publicly-traded company, wholly owns all of the common stock of its primary operating subsidiary, OMS. OMS wholly owns the stock of another of OFC’s primary operating subsidiaries, OLS. All three entities share and have shared key executives, such as Ronald Faris, Timothy Hayes, Michael Bourque, and John Patrick Cox. All three entities, through OFC, file a consolidated financial statement with OFC’s public disclosures.

15. OFC controls, directs, operates, and participates in mortgage servicing activities, including the daily cashiering, escrow, insurance, loss mitigation, foreclosure, call center, and consumer complaint operations for Ocwen’s loans. OFC enters into agreements for products and services that are necessary for Ocwen to service mortgage loans and collect debt. OFC has contracted for such products and services, including a system of record and related technology services, for and on behalf of Ocwen’s affiliates, which include OMS and OLS. [EDITOR’S NOTE: I think the CFPB missed the mark here at least partially. It turns out that Black Knight, f/k/a LPS maintains the “records” making it easier to change the name of the servicer by merely giving the “new servicer” the login and password to a system neither created nor maintained by Ocwen or any other servicer.]

16. OMS is also engaged in servicing loans. OMS is licensed by numerous state regulators to service loans and collect mortgage debts. OMS has entered into agreements for products and services that are necessary for Ocwen to service mortgage loans and collect debt. OMS has contracted for such products and services, including a system of record and related technology services used by OLS and OFC. OLS also represented, in an August 23, 2016 Consent Order with the State of Washington Department of Financial Institutions, that OMS engages in the servicing or subservicing of OLS loans.

17. OLS is also engaged in servicing loans. OLS is licensed by numerous state regulators to service loans and collect upon borrowers’ mortgage debts. OLS is also the owner of the mortgage servicing rights for the loans that Ocwen services.

18. Under OFC’s and OMS’s direction, authority, and control, OLS has also engaged in the marketing and processing and transmitting of payments for credit monitoring products, financial advisory products, and other products that are added on to Ocwen borrowers’ accounts.

19. OFC, OMS, and OLS are, and have been at all times relevant to this Complaint, “covered persons,” as that term is defined by 12 U.S.C. § 5481(6)(A), because they offer or provide a consumer financial product or service for use by consumers primarily for personal, family, or household purposes, or that is delivered, offered, or provided in connection with such a product or service by: servicing mortgage loans; collecting on consumers’ mortgage debts; and marketing and processing and transmitting payments for credit monitoring products, financial advisory products, and other products that are added on to the accounts of borrowers whose loans they service (“add-on products”). 12 U.S.C. § 5481(15)(A)(i), (iv), (vii), (viii), and (x).

20. OFC is, and has been at all times relevant to this Complaint, a “related person” because, as described in Paragraph 14, it is the direct and indirect shareholder of all OMS and OLS stock, and is thus a “controlling shareholder” and “shareholder…or other person…who materially participates in the conduct of the affairs” of OMS and OLS, which are covered persons. 12 U.S.C. § 5481(25)(C)(i) and (ii). OFC is thus “deemed to [be] a covered person for all purposes of any provision of Federal consumer financial law.” 12 U.S.C. § 5481(25)(B). OMS is, and has been at all times relevant to this Complaint, a “related person” because, as described in Paragraph 14, it owns all of OLS’s stock and is thus a “controlling shareholder” and a “shareholder…or other person…who materially participates in the conduct of the affairs” of OLS, which is a covered person. 12 U.S.C. § 5481(25)(C)(i) and (ii). OMS is thus “deemed to [be] a covered person for all purposes of any provision of Federal consumer financial law.” 12 U.S.C. § 5481(25)(B).

21. OFC and OMS are, and have been at all times relevant to this Complaint, service providers to OLS because, as described in Paragraphs 15 and 16, OFC and OMS have provided material services to OLS. 12 U.S.C. § 5481(26)(A). OFC and OMS have also controlled and participated in the design, operation, and maintenance of OLS’s mortgage servicing activities and marketing and processing and transmitting payments for add-on products. 12 U.S.C. § 5481(26)(A)(i).

22. OLS, OMS, and OFC operate as a “common enterprise.” OLS, OMS, and OFC have conducted the business practices described below through interconnected companies that have common business functions, employees, and office locations. OFC and OMS control (either formally or informally) and operate OLS’s mortgage servicing activities and marketing of and payment processing and transmitting payments for add- on products. OFC and OMS also contract for critical mortgage servicing operations for and on behalf of OLS. OFC, OMS, and OLS also file consolidated financial statements and share employees and offices. Accordingly, an act by one entity constitutes an act by each entity comprising the “common enterprise,” and OFC, OMS, and OLS are each jointly and severally liable for the acts and practices alleged below.

23. As described in Paragraphs 14-18, OFC and OMS have directed and controlled OLS’s mortgage servicing activities and marketing of and payment processing and transmitting payments for add-on products, and authorized OLS to service Ocwen’s loans. Employees of OFC and OMS have knowledge of and control or have the ability to control the activities of OLS discussed herein. OFC and OMS, as OLS’s principals, are liable for the actions of their agent, OLS. [EDITOR’S NOTE: Here again the CFPB has failed to discover or say that the activities are not necessarily controlled or governed or even known by Ocwen.]

6 Responses

  1. Rich get richer & poor Veteran get poorer! Settlers! Invasion! It’s culture problem! I’m trying to buy my auctioned resident back from the new owner! My lawyer is trying!

  2. what about jpmchase they dont has any proof they own original note from 1996 va mortgage loan and note and freddiemac be investor on my home and chase other investor star 2005..

  3. Again, thank you. Your articles are almost clairvoyant.

  4. Bob if you are suing OLS for the conduct of OCN, your case will be summarily dismissed after five years and you will have to start over. 🙂

  5. SEO – Search Engine Optimization. CEO – Chief Executive Officer.

    Guys pooing on the value of this, you are in ignorance in that being able to properly define the party in the case is crucial to showing how they have many hidden entities within their organization to hide what they are doing. The term “pretender lender” sounds like desperate, unsophisticated rantings of some poor fool who bit off more than they could chew because they were greedy and too lazy to work hard for their “amerikun dream” until until you dig in and see that it’s really true that some organization is being lead by the philosophy that the strong must prey upon the weak.

    An organization that comes to the court and says they are owed money by a homeowner is nothing but a criminal if they don’t have a legitimate, proven claim. Can you send company xyz, legally a “person”, to the electric chair for murder? Can you even give them a spanking?

    Follow the money trail, and open it up wide before the courts with rock solid discovery done right. Settlements happen where the other side sees that you are seriously in it to win it and have a case which is presentable before a jury of average, unaware, ignorant but not stupid people who don’t get this at all – but can, and if they did, they would be mad as hell to think that our courts were being used as a collection agency for criminals.

    YOU, I, and all of us have no rights but what you are willing to assert, and I am proud of everyone who stands up for themselves and all others who are hurt by devious, evil criminal and judges who have no interest or perhaps free home loans for many properties. Benjamin Franklin said we have a Republic if we can keep it. Learn more, get active, take action if you really want to keep it. It means everything!

  6. And always be sure to add under the caption Racketeering Influenced Corrupt Organization so you can get triple damages. 🙂

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