Borrowers who have or had a loan serviced by Ocwen Loan Servicing, LLC and paid for Broker Price Opinions or Hybrid Valuations between 2010 and 2017, may be entitled to the benefits of a class action settlement. Estimated payments are $60 per Broker Price Opinion and $70 per Hybrid Valuation.

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Apr 29, 2024, 09:39 ET

SEATTLE, April 29, 2024 /PRNewswire/ -- A proposed settlement has been reached in a class action lawsuit called Weiner v. Ocwen Financial Corp., Case No. Case No. 14-cv-02597, (E.D. Cal.) (the "Settlement"). This Notice summarizes Class Members' rights and options. More details are available at www.OcwenFeeSettlement.com.

A federal court authorized this Notice. This is not a solicitation from a lawyer.

What is this about?

Plaintiff alleges that Ocwen Loan Servicing, LLC and its parent company Ocwen Financial Corporation (together, "Defendants" or "Ocwen") over-charged borrowers for certain property valuation expenses, including Broker Price Opinions ("BPOs") or Hybrid Valuations ("Hybrids"), which Plaintiff alleges contained undisclosed "mark-ups." Ocwen denies Plaintiff's claims, and all alleged wrongdoing associated with Plaintiff's claims. The Court has not decided who is right or wrong. Instead, the Parties have agreed to the Settlement to avoid the costs, risk, and delays associated with continuing this complex and time-consuming litigation.

Who is affected?

The Court certified a Nationwide Settlement Class that includes all residents of the United States of America who have or had a loan serviced by Ocwen and who paid for one or more BPOs or Hybrids charged by Ocwen through Altisource, from November 5, 2010 through September 29, 2017, the date of the class certification order in this action. The Court also certified a California Settlement Sub-Class that includes all residents of the State of California who have or had a loan serviced by Ocwen and to whom charges for one or more BPOs or Hybrids were assessed to their mortgage account by Ocwen through Altisource, from November 5, 2010 through September 29, 2017 (the "class period"). The Nationwide Settlement Class and California Settlement Sub-Cass are collectively the Settlement Class.

What does the Settlement provide?

If approved, the Settlement will provide:

A $60 reimbursement for each BPO fee that Settlement Class Members paid during the class period;
A $70 reimbursement for each Hybrid fee that Settlement Class Members paid during the class period;
Reversals and/or credits for any California Sub-Class Members who continue to have loans serviced by Ocwen, in the amount of $60 for each BPO and $70 for each Hybrid fee that was assessed to the Class Member during the class period but for which the Class Member has not paid; and
Defendants' modification of disclosures to borrowers in valuation-related correspondence and reports, and in any applicable fee schedules, to identify, as applicable, the "reconciliation" service added by vendors to BPO and Hybrid products.

What are my options?

Class Members can file a claim, request exclusion, object, or do nothing.

File a Claim. To receive a payment from the Settlement, submit a valid claim electronically at www.OcwenFeeSettlement.com or postmarked by September 29, 2025. By submitting a claim, you give up your right to sue or continue to sue Defendants for the claims in this case.
Request Exclusion. To remove yourself from the Settlement ("opt out"), submit an exclusion request by July 12, 2024. If you exclude yourself, you will receive no payment from the Settlement, but this is the only option that will allow you to keep your right to sue or continue to sue Defendants for the claims in this case.
Object. If you do not exclude yourself from the Settlement, you may object or tell the Court what you do not like about the Settlement. If you object, you must still submit a claim to receive a payment. Objections must be submitted by July 12, 2024.
Do Nothing. If you do nothing, you will receive no payment from the Settlement and you will give up your right to sue or continue to sue Defendants for the claims in this case.

For more details about your rights and options and how to file a claim, exclude yourself, or object, go to www.OcwenFeeSettlement.com.

What happens next?

The Court will hold a Final Approval Hearing on September 5, 2024 at 1:30 p.m. PT, to consider whether to give final approval to the Settlement and grant Settlement Class Counsel's request for attorneys' fees and costs, as well as reimbursement for Settlement Administration Costs. The Court appointed the law firm of Baron & Budd P.C., to represent Settlement Class Members as Settlement Class Counsel. Settlement Class Counsel will request attorneys' fees, estimated to be $8,000,000, plus reimbursable litigation costs, estimated to be $950,000. If approved by the Court, the attorneys' fees and costs will be paid by the Defendants. You do not need to attend the Final Approval Hearing. Settlement Class Counsel will answer any questions the Court may have. You or your attorney may ask to speak at the hearing at your own expense, but you do not have to. To do so, you must file with the Court, by on or before July 12, 2024, a notice of intent to appear at the Final Approval Hearing.

How can I get more information?

Go to www.OcwenFeeSettlement.com, email [email protected], call toll-free 1-888-995-0316, or write to Ocwen Fee Settlement, c/o JND Legal Administration, P.O. Box 91338, Seattle, WA 98111.

SOURCE JND Legal Administration