3
Visit us online at consumerfinance.gov
Q: What laws did Ocwen violate?
A: Ocwen is charged with engaging in unfair and deceptive acts or practices in violation
of the federal Consumer Financial Protection Act and state laws. Ocwen’s unlawful
conduct has resulted in injury to consumers who have had home loans serviced by
Ocwen, Litton, and Homeward. The harm includes paying improper fees and charges,
unreasonable delays and expenses to obtain loss mitigation relief, and improper denial
of loss mitigation relief.
Q: Will there be payments to foreclosure victims?
A: Yes. The settlement administrator will mail Notice Letters and Claim Forms to
borrowers who lost their home due to foreclosure between January 1, 2009 and
December 31, 2012, whose loans were serviced by Ocwen, Homeward, or Litton, and
who meet other criteria. Borrowers who choose to receive payments will not have to
release any claims and will be free to seek additional relief in the courts.
Q: How do I know if I am eligible for payment as a foreclosure victim?
A: You are eligible if you meet the following requirements:
your home was foreclosed on between January 1, 2009 and December 31,
2012;
at the time of foreclosure, the loan was serviced by Ocwen, Homeward, or
Litton;
you made at least three payments on the loan;
you lived or intended to live in the property as your principal place of
residence at the time of the origination of the loan;
the property was a one-to-four unit residential property;
the unpaid principal balance of the first-lien 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; and
you make a valid claim.
Q: If I am eligible for foreclosure relief, how much will I get?
A: The settlement administrator will solicit and process claims from victims of
foreclosure. All consumers who successfully file eligible claims will receive an equal
payment based on the total number of successful claims.
Q: Ocwen has already begun the foreclosure process on my home. Will the
settlement stop the foreclosure?