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Business and Economy

Loan Servicer To Pay Penalties And Attorney Fees After Admitting To Illegal Foreclosure Filings

A national loan servicing company will pay $34,000 in civil penalties and investigative costs, and refund or credit 24 Maine residents more than $50,000 in attorney fees they were assessed when their homes were foreclosed upon.The state's Bureau of Consumer Credit Protection says that under a consent agreement signed last week, Florida-based Ocwen Financial Corporation has admitted that it pursued foreclosures against Maine homeowners based on paperwork the state found to be legally defective.  

Consumer protection officials say Ocwen's illegal filings continued into January of this year, even after the company's lawyers had assured state regulators that the practice would stop.  Ocwen says the additional filings were inadvertent.