Commonly Asked Questions


What is the Ocwen Settlement about?

Answer:

The attorneys general for 49 states and the District of Columbia, as well as a number of state mortgage regulators and the federal Consumer Financial Protection Bureau reached a Settlement with Ocwen that will provide relief to affected borrowers – including approximately $125 million in direct payments to eligible borrowers who lost their homes to foreclosure between January 1, 2009, and December 31, 2012. Foreclosed homeowners from Oklahoma were not eligible for a cash payment because Oklahoma did not join the Settlement. 

State and federal investigations claimed Ocwen signed foreclosure related documents outside the presence of a notary public and without personal knowledge that the facts contained in the documents were correct. In addition, they also claimed that Ocwen committed various errors and abuses in their mortgage servicing processes.

Ocwen is the simplified way to refer to Ocwen Loan Servicing and two companies purchased by Ocwen; Litton Loan Servicing LP, and Homeward Residential Holdings LLC (previously known as American Home Mortgage Servicing Inc. or AHMSI) This Settlement is with all three companies.

Who is eligible to receive a payment from the Ocwen Settlement?

Answer:

Borrowers must have met certain minimum criteria to be eligible to receive a Settlement payment.  In particular:
• The loan was serviced by Ocwen Loan Servicing, Litton Loan Servicing LP, and Homeward Residential Holdings LLC (previously known as American Home Mortgage Servicing Inc. or AHMSI) at the time of the foreclosure,
• The loan went to foreclosure sale between January 1, 2009 and December 31, 2012,
• The borrower made at least three payments on the loan,
• The home (or foreclosed property address) was, or was intended to be the borrowers’ primary residence at the time the mortgage loan was obtained.
• The borrower had a mortgage loan secured by a one-to-four unit residential property, and
• The unpaid principal balance of the first-lien mortgage loan did not exceed $729,750 for a one-unit property; $934,200 for a two-unit property; $1,129,250 for a three-unit property; or $1,403,400 for a four-unit property.

The deadline for submissions of claim forms has now passed and claims are no longer being accepted.

How do I make a claim to receive a payment from the Ocwen Settlement?

Answer:

The deadline for submissions of claim forms has passed and claims are no longer being accepted. 

How much will I be paid if I am eligible?

Answer:

Borrowers who submitted complete and timely claim forms were mailed checks between December 6 and December 9, 2014 for approximately $1,150 per loan.

When will I receive a payment if I submit a claim?

Answer:

Borrowers who submitted complete and timely claim forms were mailed checks between December 6 and December 9, 2014. 

How are Settlement payments handled if there is more than one borrower on the loan?

Answer:

One check was issued in the name of all borrowers who submitted claims unless it was indicated on the Claim Form separate checks were required due to divorce, separation, or no longer residing at the same address. In this case, the payment was divided into equal shares for each borrower making a claim.

What should I do if the borrower /co-borrower has died?

Answer:

The deadline for submissions of claim forms has passed and claims are no longer being accepted.

If you submitted a claim and have received a check, but cannot cash it due to it being issued in the name of a deceased borrower, please submit a letter requesting a reissue.  You should include the check you received, stamped or marked void, a copy of the death certificate for the borrower, and a copy of any document you have showing you have authority to act on behalf of the deceased borrower such as Letters of Administration, a Small Estate Affidavit, or an Executor/Executrix Appointment.  If you do not have any of these documents, submit the copy of the death certificate (please do not send the original) and a letter explaining your request.  If additional information is needed to process your request, you will be contacted.  The address to which the request should be mailed is:

National Ocwen Settlement Administrator

PO Box 1917

Faribault MN 55021-7172

If you have questions or need more information about what to submit, please call 1-866-783-5382.

What should I do if I am the guardian of the borrower or hold the borrower’s power of attorney?  How should the Claim Form be completed?

Answer:

The deadline for submissions of claim forms has passed and claims are no longer being accepted.

If you submitted a claim form, you may need to show the Power of Attorney document to the bank when cashing the check.  If you are unable to cash the check as written, please submit the check, stamped or marked void, with a request for a reissue.   Please include a copy of the Power of Attorney document (do send the original document).  If additional information is needed to process your request, you will be contacted.  The address to which the request should be mailed is:

National Ocwen Settlement Administrator

PO 1917

Faribault MN 55021-7172

If you have questions or need more information about what to submit, please call 1-866-783-5382.

My name is different from what is listed on the Claim Form; do I need to do anything?

Answer:

The deadline for submissions of claim forms has passed and claims are no longer being accepted.

If you receive a check and you are unable to cash it due to a name change or correction, please submit the check, stamped or marked void, with a request for a reissue.  Please include a copy of any documentation you have reflecting your name change such as a divorce decree, marriage license or court order (do not send the original document).  If you are unable to submit any of these documents, please include a written explanation as to why the name needs correction with your submission and if additional information is needed to process your request, you will be contacted.  The address to which the request should be mailed is:

National Ocwen Settlement Administrator

PO Box 1917

Faribault MN 55021-7172

If you have questions or need more information about what to submit, please call 1-866-783-5382.

Disclaimer / Aviso

This site is not operated by the Attorneys General, state mortgage regulators, or the Consumer Financial Protection Bureau. Please contact the National Ocwen Settlement Administrator with questions at 1-866-783-5382, Monday through Friday, 8:00 a.m. - 6:00 p.m. Central Time.

Este sitio no es operado por los Procuradores Generales, los reguladores estatales de hipotecas, o la Oficina de Protección Financiera del Consumidor. Si tiene preguntas, por favor póngase encontacto con el Administrador del Acuerdo Nacional de Ocwen llamando al 1-866-783-5382, de lunes a viernes, de 8:00 a.m. - 6:00 p.m., hora del centro.

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