Taken from a complaint filed by the CFPB, this should help those who want to sue Ocwen and want to make sure they are suing the right entity and making the correct allegations.
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see Ocwen
10. Ocwen Financial Corporation (“OFC”) is a publicly-traded Florida corporation that maintains its principal place of business in West Palm Beach, Florida. At all times relevant to this complaint, OFC has done business in this District and throughout the United States.
11. Ocwen Mortgage Servicing, Inc. (“OMS”) is a United States Virgin Island corporation that maintains its principal place of business in the United States Virgin Islands. At all times relevant to this complaint, OMS has done business in this District and throughout the United States.
12. Ocwen Loan Servicing, LLC (“OLS”) is a Delaware limited liability company that maintains its principal place of business in West Palm Beach, Florida. At all times relevant to this complaint, OLS has done business in this District and throughout the United States.
13. OFC, through its subsidiaries, originates and services loans. OFC, OMS, and OLS (collectively “Ocwen”) engage in servicing activities relating to the loans by, among other things, processing borrower payments, administering loss mitigation processes, and managing foreclosures. Ocwen also acquires and collects upon borrowers’ mortgage debts that are in default.
14. OFC, the parent and publicly-traded company, wholly owns all of the common stock of its primary operating subsidiary, OMS. OMS wholly owns the stock of another of OFC’s primary operating subsidiaries, OLS. All three entities share and have shared key executives, such as Ronald Faris, Timothy Hayes, Michael Bourque, and John Patrick Cox. All three entities, through OFC, file a consolidated financial statement with OFC’s public disclosures.
15. OFC controls, directs, operates, and participates in mortgage servicing activities, including the daily cashiering, escrow, insurance, loss mitigation, foreclosure, call center, and consumer complaint operations for Ocwen’s loans. OFC enters into agreements for products and services that are necessary for Ocwen to service mortgage loans and collect debt. OFC has contracted for such products and services, including a system of record and related technology services, for and on behalf of Ocwen’s affiliates, which include OMS and OLS. [EDITOR’S NOTE: I think the CFPB missed the mark here at least partially. It turns out that Black Knight, f/k/a LPS maintains the “records” making it easier to change the name of the servicer by merely giving the “new servicer” the login and password to a system neither created nor maintained by Ocwen or any other servicer.]
16. OMS is also engaged in servicing loans. OMS is licensed by numerous state regulators to service loans and collect mortgage debts. OMS has entered into agreements for products and services that are necessary for Ocwen to service mortgage loans and collect debt. OMS has contracted for such products and services, including a system of record and related technology services used by OLS and OFC. OLS also represented, in an August 23, 2016 Consent Order with the State of Washington Department of Financial Institutions, that OMS engages in the servicing or subservicing of OLS loans.
17. OLS is also engaged in servicing loans. OLS is licensed by numerous state regulators to service loans and collect upon borrowers’ mortgage debts. OLS is also the owner of the mortgage servicing rights for the loans that Ocwen services.
18. Under OFC’s and OMS’s direction, authority, and control, OLS has also engaged in the marketing and processing and transmitting of payments for credit monitoring products, financial advisory products, and other products that are added on to Ocwen borrowers’ accounts.
19. OFC, OMS, and OLS are, and have been at all times relevant to this Complaint, “covered persons,” as that term is defined by 12 U.S.C. § 5481(6)(A), because they offer or provide a consumer financial product or service for use by consumers primarily for personal, family, or household purposes, or that is delivered, offered, or provided in connection with such a product or service by: servicing mortgage loans; collecting on consumers’ mortgage debts; and marketing and processing and transmitting payments for credit monitoring products, financial advisory products, and other products that are added on to the accounts of borrowers whose loans they service (“add-on products”). 12 U.S.C. § 5481(15)(A)(i), (iv), (vii), (viii), and (x).
20. OFC is, and has been at all times relevant to this Complaint, a “related person” because, as described in Paragraph 14, it is the direct and indirect shareholder of all OMS and OLS stock, and is thus a “controlling shareholder” and “shareholder…or other person…who materially participates in the conduct of the affairs” of OMS and OLS, which are covered persons. 12 U.S.C. § 5481(25)(C)(i) and (ii). OFC is thus “deemed to [be] a covered person for all purposes of any provision of Federal consumer financial law.” 12 U.S.C. § 5481(25)(B). OMS is, and has been at all times relevant to this Complaint, a “related person” because, as described in Paragraph 14, it owns all of OLS’s stock and is thus a “controlling shareholder” and a “shareholder…or other person…who materially participates in the conduct of the affairs” of OLS, which is a covered person. 12 U.S.C. § 5481(25)(C)(i) and (ii). OMS is thus “deemed to [be] a covered person for all purposes of any provision of Federal consumer financial law.” 12 U.S.C. § 5481(25)(B).
21. OFC and OMS are, and have been at all times relevant to this Complaint, service providers to OLS because, as described in Paragraphs 15 and 16, OFC and OMS have provided material services to OLS. 12 U.S.C. § 5481(26)(A). OFC and OMS have also controlled and participated in the design, operation, and maintenance of OLS’s mortgage servicing activities and marketing and processing and transmitting payments for add-on products. 12 U.S.C. § 5481(26)(A)(i).
22. OLS, OMS, and OFC operate as a “common enterprise.” OLS, OMS, and OFC have conducted the business practices described below through interconnected companies that have common business functions, employees, and office locations. OFC and OMS control (either formally or informally) and operate OLS’s mortgage servicing activities and marketing of and payment processing and transmitting payments for add- on products. OFC and OMS also contract for critical mortgage servicing operations for and on behalf of OLS. OFC, OMS, and OLS also file consolidated financial statements and share employees and offices. Accordingly, an act by one entity constitutes an act by each entity comprising the “common enterprise,” and OFC, OMS, and OLS are each jointly and severally liable for the acts and practices alleged below.
23. As described in Paragraphs 14-18, OFC and OMS have directed and controlled OLS’s mortgage servicing activities and marketing of and payment processing and transmitting payments for add-on products, and authorized OLS to service Ocwen’s loans. Employees of OFC and OMS have knowledge of and control or have the ability to control the activities of OLS discussed herein. OFC and OMS, as OLS’s principals, are liable for the actions of their agent, OLS. [EDITOR’S NOTE: Here again the CFPB has failed to discover or say that the activities are not necessarily controlled or governed or even known by Ocwen.]
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