Ocwen Financial, party to the National Mortgage Settlement (NMS), reported its consumer relief activities through the fourth quarter 2014 under the NMS to Monitor Joseph A. Smith, Jr.

Ocwen sent these reports to each state that is party to the Settlement with copies to the Monitor and the Monitoring Committee. The state-level data can be downloaded here. This data is self-reported. The Monitor has not confirmed the numbers SunTrust or Ocwen reported, but will report on his review and the servicers’ progress toward their required consumer relief total in future reports.

At Ocwen, 21,257 borrowers completed first lien modifications and benefited from consumer relief totaling $1.9 billion, which, on average, represents about $91,093 per borrower. In addition, another 284,089 borrowers either started a trial plan or were offered/approved for a trial plan as of Dec. 31, 2014. This is Ocwen’s second report on its consumer relief to date, and the Monitor has not yet credited these numbers.
The Monitor is also overseeing Ocwen’s compliance with the servicing standards set forth by the NMS. He and an independent professional firm are conducting an investigation into issues found with Ocwen’s internal review group and letter-dating. More information on these findings can be found here.

“I am encouraged by Ocwen’s consumer relief progress, but I continue to investigate issues of potential non-compliance with the NMS servicing standards. My team and I take this matter seriously, and this investigation is ongoing. I will report my findings later this spring,” stated Smith.