DBO Commissioner Owen Names FIS as Independent Auditor

Commissioner of Business Oversight

For Immediate Release
June 9, 2015

Contact: Tom Dresslar
(916) 327-5275
DBO Commissioner Owen Names FIS as Independent Auditor for Ocwen Loan Servicing
FIS to Assess Servicing Practices, Compliance with Consumer Protection Laws
SACRAMENTO – Department of Business Oversight (DBO) Commissioner Jan Lynn Owen today named Fidelity Information Services (FIS) as the independent, third-party auditor that will review the California mortgage servicing operations of Ocwen Loan Servicing, LLC.  FIS was chosen from an initial field of 31 candidates. “The DBO has a duty to ensure its licensees fully comply with laws and regulations designed to protect California homeowners,” said Owen.  “FIS will help us fulfill that duty with respect to Ocwen.”

The auditor position was created under a Jan. 23 consent order reached between Ocwen and the DBO.  The settlement resolved an enforcement action brought by the DBO over Ocwen’s failure for more than a year to provide loan file information the DBO needed to conduct a routine regulatory examination.  The settlement also required Ocwen to pay $2.5 million in penalties. As the independent auditor, FIS will have two main jobs.  One, it will examine a sample of loan files and report to the DBO on Ocwen’s compliance with the 2012 Homeowner Bill of Rights, the California Residential Mortgage Lending Act, and other state and federal laws and regulations. Continue Reading

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