Last month, Nationstar Mortgage, the nonbank also known as Mr. Cooper, disclosed that it was facing a regulatory issue with the California Department of Business Oversight and in the process of negotiating a settlement.
At the time, the company did not disclose what issues led to the potential settlement, but said that one of the matters at hand stemmed from an examination in 2012.
On Monday, the other shoe dropped.
The California Department of Business Oversight announced Monday that it reached a $9.2 million settlement with Nationstar to resolve allegation...
It’s been a year of settlements for Ocwen Financial.
For example, earlier this year, Ocwen reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years.
Separate of that, over the last few months, Ocwen began settling with some of the 31 states that took regulatory actions against the nonbank earlier this year over alleged escrow issues, restricting the company’s ability to acquire new mortgage servicing rights and originate new loan...