What is This Class Action About?

Plaintiff alleges that Ocwen Loan Servicing, LLC and its parent company Ocwen Financial Corporation (together, “Defendants” or “Ocwen”) over-charged borrowers for certain property valuation expenses, including Broker Price Opinions (“BPOs”) or Hybrid Valuations (“Hybrids”), which Plaintiff alleges contained undisclosed “mark-ups.” Ocwen denies Plaintiff’s claims, and all alleged wrongdoing associated with Plaintiff’s claims. The Court has not decided who is right or wrong. Instead, the Parties have agreed to the Settlement to avoid the costs, risk, and delays associated with continuing this complex and time-consuming litigation.

How Do I Know if I Am a Member of the Settlement Class?

The Court certified a Nationwide Settlement Class that includes all residents of the United States of America who have or had a loan serviced by Ocwen and who paid for one or more BPOs or Hybrids charged by Ocwen through Altisource, from November 5, 2010 through September 29, 2017, the date of the class certification order in this action. The Court also certified a California Settlement Sub-Class that includes all residents of the State of California who have or had a loan serviced by Ocwen and to whom charges for one or more BPOs or Hybrids were assessed to their mortgage account by Ocwen through Altisource, from November 5, 2010 through September 29, 2017. The Nationwide Settlement Class and California Settlement Sub-Cass are collectively the Settlement Class.

What Does the Settlement Provide?

The Settlement will provide:

• A $60 reimbursement for each BPO fee that Settlement Class Members paid during the class period;
• A $70 reimbursement for each Hybrid fee that Settlement Class Members paid during the class period;
• Reversals and/or credits for any California Sub-Class Members who continue to have loans serviced by Ocwen, in the amount of $60 for each BPO and $70 for each Hybrid fee that was assessed to the Class Member during the class period but for which the Class Member has not paid; and
• Defendants’ modification of disclosures to borrowers in valuation-related correspondence and reports, and in any applicable fee schedules, to identify, as applicable, the “reconciliation” service added by vendors to BPO and Hybrid products.