Regulatory miasma makes life difficult for Ocwen CRO
Op risk veteran Marcelo Cruz says firm faces “absurd” quantity of rules in US mortgage market
Founded in West Palm Beach, Florida, in 1988, Ocwen Financial has since grown to become one of the largest non-bank mortgage servicers in the US. From about $40 billion in 2005, the value of mortgages serviced by the firm had ballooned to more than $500 billion by 2014.
Ocwen is just one of a number of non-bank firms playing an increasingly important role in the US home loan sector. During the past few years, such firms have snapped up mortgage servicing rights (MSRs) from major banks that have
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