Ocwen Loan Settlement – You may be entitled to receive a payment

As part of a $225 million settlement the Department of Financial Protection and Innovation (DFPI) reached with Ocwen Loan Servicing, LLC, in 2017, the DFPI received $20 million to distribute to California borrowers who had mortgages serviced by Ocwen during a specific time period. The DFPI has mailed thousands of checks to borrowers who met the eligibility criteria, however, more than $3.2 million remains unclaimed by 5,250 eligible consumers.

If you wish to speak with someone about your check status, or claim validity, please contact us at : 866-275-2677 or Ask.dfpi@dfpi.ca.gov.

After another attempt to reach those entitled to the unclaimed funds, the remaining money will be turned over to the California State Controller’s Office (SCO). Consumers wishing to claim their appropriated settlement will then need to submit a claim through the SCO’s Unclaimed Property process.

Announcements:

October 20, 2021 – Consumers who received claim checks as part of the settlement with Ocwen should contact the DFPI to verify that the claim check is still valid and can be cashed. By the Summer of 2022, any unclaimed funds will be escheated to the State of California for safekeeping. Once funds are escheated, consumer will need to contact the State Controller’s Office Unclaimed Property Division to reclaim the funds.

July 26, 2018 – The DFPI reached an agreement with Ocwen Loan Servicing, LLC, regarding its mortgage servicing practices. If you are an affected borrower, you do not need to file a claim to receive a payment. All payments have been mailed. The payment checks from the DFPI list a Utah address.

March 30, 2018 – Postcards were mailed to eligible borrowers, identifying eligibility as a borrower under the settlement.

Last updated: Oct 20, 2021 @ 1:06 pm

Approved by Jim Sweeney 1/2020