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Mortgage servicer continues to find itself in hot water
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Ocwen Financial Services, the largest nonbank mortgage loan servicer in the United States, is being sued as part of a Pennsylvania class action lawsuit alleging that Ocwen failed to file loan satisfaction documents in a timely fashion, HousingWire reported.
The lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania on May 15.
By law, servicers are required to file loan satisfaction documents within 60 days after receiving full payment from the borrower. These documents are necessary to show that requisite debts have been paid and that the subsequent lien has been released.
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