KRED

Saturday, April 22, 2017

Your compliance is only as good as your IT

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Yesterday over 20 state regulators and the CFPB took action against Mega-Servicer Ocwen for its continuing inability to address sloppy servicing practices.

Ocwen fueled its amazing growth (as of December it serviced approximately 1,393,766 loans with an aggregate unpaid principal balance of approximately $209 billion) by specializing in sub-prime loans.

Since the vast majority of credit unions are out to help their members, as opposed to squeezing every last penny out of them, there is a natural tendency to view news reports such as this one as simply one more example of “Lenders Gone Wild”.

The post Your compliance is only as good as your IT appeared first on CUInsight.

April 22, 2017 at 02:06AM

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from Felix Gomez

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