New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to...

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8/10/2019 New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Di… http://slidepdf.com/reader/full/new-york-department-of-financial-services-dfs-announces-ocwen-chairman 1/22  3  DMZ WAXE _PCPM @MRCXPKMDP AI IGDCDOGCN _MXYGOM_ Gd tfm Kcttmr ai AOZMD IGDCDOGCN OAXRAXCPGAD, AOZMD NACD _MXYGOGDJ, NNO OAD_MDP AX@MX R]X_]CDP PA DMZ WAXE HCDEGDJ NCZ § 00  Pfm Dmw Ware _tctm @mpcrtkmdt ai Igdcdogcn _mrvgoms (tfm „@mpcrtkmdt‛) cd` Aowmd Igdcdogcn Oarparctgad, tfm pcrmdt oakpcdy ai Aowmd Nacd _mrvgogdj, NNO (tajmtfmr, „Aowmd‛) , (oannmotgvmny, tfm „Rcrtgms‛) stgpunctm tfct< ZFMXMC_,  Aowmd gs tfm iaurtf ncrjmst kartjcjm nacd smrvgomr cd` tfm ncrjmst smrvgomr ai suhprgkm nacds gd tfm ]dgtm` _tctms, smrvgogdj cd udpcg` prgdogpcn hcncdom („]RH‛) ai cppraxgkctmny $0?2 hgnngad. Gd Dmw Ware cnadm, Aowmd smrvgoms dmcrny 3?2,222 rmsg`mdtgcn fakm nacds wgtf c tatcn ]RH ai karm tfcd $?2 hgnngad. ZFMXMC_,  Aowmd gs c Dmw Ware _tctm-ngomdsm` kartjcjm hcdemr cd` kartjcjm nacd smrvgomr, pursucdt ta tfm Dmw Ware Hcdegdj Ncw, cd` tfm @mpcrtkmdt gs rmspadsghnm iar gts supmrvgsgad cd` rmjunctgad5 ZFMXMC_,  gd tfm ncst igvm ymcrs, Aowmd fcs coqugrm` kartjcjm smrvgogdj rgjfts („K_Xs‛) iar fud`rm`s ai hgnngads ai `anncrs gd ]RH irak smvmrcn kclar smrvgomrs, gdonu`gdj Ngttad Nacd _mrvgogdj NR („Ngttad‛) , _cxad Kartjcjm _mrvgoms, Gdo. („_cxad‛), cd` Fakmwcr` Xmsg`mdtgcn Fan`gdjs, Gdo. („Fakmwcr`‛)5 ZFMXMC_,  gd 8232 cd` 8233, tfm kuntgstctm mxckgdctgads ai Aowmd, Ngttad, cd` Fakmwcr` g`mdtgigm` dukmraus cd` sgjdgigocdt vganctgads ai Dmw Ware _tctm ncws cd` rmjunctgads5

Transcript of New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to...

Page 1: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

8/10/2019 New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Di…

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 DMZ WAXE _PCPM@MRCXPKMDP AI IGDCDOGCN _MXYGOM_

Gd tfm Kcttmr ai

AOZMD IGDCDOGCN OAXRAXCPGAD,AOZMD NACD _MXYGOGDJ, NNO

OAD_MDP AX@MX R]X_]CDP PA DMZ WAXE HCDEGDJ NCZ § 00  

Pfm Dmw Ware _tctm @mpcrtkmdt ai Igdcdogcn _mrvgoms (tfm „@mpcrtkmdt‛) cd` Aowmd

Igdcdogcn Oarparctgad, tfm pcrmdt oakpcdy ai Aowmd Nacd _mrvgogdj, NNO (tajmtfmr, „Aowmd‛),

(oannmotgvmny, tfm „Rcrtgms‛) stgpunctm tfct<

ZFMXMC_,  Aowmd gs tfm iaurtf ncrjmst kartjcjm nacd smrvgomr cd` tfm ncrjmst smrvgomr

ai suhprgkm nacds gd tfm ]dgtm` _tctms, smrvgogdj cd udpcg` prgdogpcn hcncdom („]RH‛) ai

cppraxgkctmny $0?2 hgnngad. Gd Dmw Ware cnadm, Aowmd smrvgoms dmcrny 3?2,222 rmsg`mdtgcn

fakm nacds wgtf c tatcn ]RH ai karm tfcd $?2 hgnngad.

ZFMXMC_,  Aowmd gs c Dmw Ware _tctm-ngomdsm` kartjcjm hcdemr cd` kartjcjm nacd

smrvgomr, pursucdt ta tfm Dmw Ware Hcdegdj Ncw, cd` tfm @mpcrtkmdt gs rmspadsghnm iar gts

supmrvgsgad cd` rmjunctgad5

ZFMXMC_,  gd tfm ncst igvm ymcrs, Aowmd fcs coqugrm` kartjcjm smrvgogdj rgjfts

(„K_Xs‛) iar fud`rm`s ai hgnngads ai `anncrs gd ]RH irak smvmrcn kclar smrvgomrs, gdonu`gdj

Ngttad Nacd _mrvgogdj NR („Ngttad‛), _cxad Kartjcjm _mrvgoms, Gdo. („_cxad‛), cd` Fakmwcr`

Xmsg`mdtgcn Fan`gdjs, Gdo. („Fakmwcr`‛)5

ZFMXMC_,  gd 8232 cd` 8233, tfm kuntgstctm mxckgdctgads ai Aowmd, Ngttad, cd`

Fakmwcr` g`mdtgigm` dukmraus cd` sgjdgigocdt vganctgads ai Dmw Ware _tctm ncws cd`

rmjunctgads5

Page 2: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

8/10/2019 New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Di…

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ZFMXMC_,  ad _mptmkhmr 3, 8233, gd oaddmotgad wgtf Aowmd‗s coqugsgtgad ai Ngttad

cd` ckg` oadomrds rmjcr`gdj Aowmd‗s rcpg` jrawtf cd` ocpcogty ta prapmrny coqugrm cd` smrvgom

c sgjdgigocdt partianga ai `gstrmssm` fakm nacds, Aowmd cd` tfm @mpcrtkmdt mdtmrm` gdta cd

Cjrmmkmdt ad Kartjcjm _mrvgogdj Rrcotgoms (tfm „8233 Cjrmmkmdt‛), wfgof rmqugrm` Aowmd ta

c`fmrm ta omrtcgd smrvgogdj prcotgoms gd tfm hmst gdtmrmst ai harrawmrs cd` gdvmstars5

ZFMXMC_,  c Ludm 8238 tcrjmtm` mxckgdctgad ai Aowmd rmvmcnm` tfct Aowmd vganctm`

tfm 8233 Cjrmmkmdt5

ZFMXMC_,  cs c rmsunt ai Aowmd‗s vganctgad ai tfm 8233 Cjrmmkmdt, Aowmd mdtmrm`

gdta c Oadsmdt Ar`mr wgtf tfm @mpcrtkmdt ad @momkhmr =, 8238, wfgof rmqugrm` Aowmd ta rmtcgd

cd gd`mpmd`mdt oakpngcdom kadgtar (tfm „Oakpngcdom Kadgtar‛) iar twa ymcrs ta oad`uot c

oakprmfmdsgvm rmvgmw ai Aowmd‗s smrvgogdj apmrctgads5

ZFMXMC_,  tfm @mpcrtkmdt cd` tfm Oakpngcdom Kadgtar g`mdtgigm` dukmraus cd`

sgjdgigocdt c``gtgadcn vganctgads ai tfm 8233 Cjrmmkmdt, cs wmnn cs Dmw Ware _tctm ncws cd`

rmjunctgads5

DAZ, PFMXMIAXM,  ta rmsanvm tfgs kcttmr, tfm Rcrtgms cjrmm ta tfm iannawgdj<

Icots

3.  Aowmd fcs jrawd karm tfcd tmd-ian` gd tfm ncst smvmrcn ymcrs. Hmjgddgdj gd 8227,

Aowmd sgjdgigocdtny mxpcd`m` gts smrvgogdj apmrctgads tfraujf tfm coqugsgtgad ai smvmrcn kclar

smrvgomrs ai fakm nacds, cs wmnn cs tfm coqugsgtgad ai K_Xs iar fud`rm`s ai hgnngads ai `anncrs gd

]RH. Irak tfm md` ai 8227 ta tfm md` ai 823?, Aowmd‗s smrvgogdj partianga jrmw irak ?=3,=7=

rmsg`mdtgcn nacds wgtf cd cjjrmjctm ]RH ai $=2 hgnngad ta 8,693,736 rmsg`mdtgcn nacds wgtf cd

cjjrmjctm ]RH ai $090.: hgnngad.

Page 3: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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8.  Gd 8232 cd` 8233, tfm @mpcrtkmdt pcrtgogpctm` gd c kuntgstctm mxckgdctgad ai

Aowmd, cs wmnn cs mxckgdctgads ai Ngttad cd` Fakmwcr`, tfm mdtgtgms untgkctmny coqugrm` hy

Aowmd. Pfm mxckgdctgad ai Aowmd g`mdtgigm`, ckadj atfmr tfgdjs, `migogmdogms gd Aowmd‗s

smrvgogdj pnctiark cd` nass kgtgjctgad gdircstruoturm, gdonu`gdj (c) raha-sgjdgdj, (h) gdcoourctm

ciig`cvgts cd` icgnurm ta prapmrny vcng`ctm `aoukmdt mxmoutgad praomssms, (o) kgssgdj

`aoukmdtctgad, (`) wradjiun iarmonasurm, (m) icgnurm ta prapmrny kcgdtcgd haaes cd` rmoar`s, cd`

(i) gdgtgctgad ai iarmonasurm cotgads wgtfaut prapmr nmjcn stcd`gdj.

?.  Pfm mxckgdctgads ai Ngttad cd` Fakmwcr` g`mdtgigm` suhstcdtgcn `migogmdogms,

wmcedmssms, cd` vganctgads ai ncws cd` rmjunctgads rmnctgdj ta, ckadj atfmr tfgdjs, iarmonasurm

javmrdcdom, gkpnmkmdtctgad ai ka`gigoctgad prajrcks, rmoar` emmpgdj, rmqugrm` datgigoctgads,

cd` tfm ofcrjgdj ai udcnnawchnm imms.

0.  Pfm mxckgdctgad ai Ngttad cnsa rmvmcnm` tfct, prgar ta Aowmd‗s coqugsgtgad ai

Ngttad, kmkhmrs ai Ngttad‗s gdiarkctgad tmofdanajy stcii icnsgigm` `aoukmdts pravg`m` ta tfm

@mpcrtkmdt `urgdj tfm rmvgmw ai Ngttad‗s gdiarkctgad tmofdanajy gdircstruoturm.

=. 

Gd oaddmotgad wgtf Aowmd‗s coqugsgtgad ai Ngttad gd 8233 cd` gd ngjft ai tfm

mxckgdctgad igd`gdjs iar hatf Aowmd cd` Ngttad, tfm @mpcrtkmdt saujft ta mdsurm tfct Aowmd

fc` suiigogmdt ocpcogty ta prapmrny coqugrm cd` kcdcjm c sgjdgigocdt partianga ai `gstrmssm` nacds,

gdonu`gdj tfm chgngty ta miimotgvmny kcdcjm tfm gdormcsm` vanukm cd` oakpny wgtf rmqugrmkmdts

ud`mr tfm im`mrcn Fakm Ciiar`chnm Ka`gigoctgad Rrajrck, gdtmrdcn nass kgtgjctgad pangogms cd`

 praom`urms, cd` ncws cd` rmjunctgads javmrdgdj kartjcjm nacd smrvgogdj cd` iarmonasurm

cotgvgtgms.

9.  Pa tfct md`, Aowmd cd` tfm @mpcrtkmdt mdtmrm` gdta cd Cjrmmkmdt ad Kartjcjm

_mrvgogdj Rrcotgoms ad _mptmkhmr 3, 8233, wfgof rmqugrm` Aowmd ta< (c) mstchngsf cd` kcgdtcgd

Page 4: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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suiigogmdt ocpcogty ta prapmrny coqugrm cd` kcdcjm gts sgjdgigocdt partianga ai `gstrmssm` nacds ta

mdsurm c skaatf harrawmr trcdsgtgad5 (h) mdjcjm gd saud` `aoukmdt mxmoutgad cd` rmtmdtgad

 prcotgoms ta mdsurm tfct kartjcjm ignms crm coourctm, oakpnmtm, cd` rmngchnm5 cd` (o) gkpnmkmdt c

systmk ai rahust gdtmrdcn oadtrans cd` avmrsgjft wgtf rmspmot ta kartjcjm smrvgogdj prcotgoms

 pmriarkm` hy gts stcii cd` tfgr` pcrty vmd`ars ta prmvmdt gkprapmr iarmonasurms cd` kcxgkgzm

strujjngdj harrawmrs‗ appartudgtgms ta emmp tfmgr fakms.

:.  Gd Ludm 8238, tfm @mpcrtkmdt oad`uotm` c tcrjmtm` mxckgdctgad ai Aowmd ta

cssmss gts oakpngcdom wgtf tfm 8233 Cjrmmkmdt cd` Rcrt 037 ai tfm _upmrgdtmd`mdt‗s

Xmjunctgads, wfgof javmrds husgdmss oad`uot runms iar smrvgomrs. Pfm mxckgdctgad g`mdtgigm`

jcps gd tfm smrvgogdj rmoar`s ai omrtcgd nacds tfct gd`goctm` rmpmctm` dad-oakpngcdom hy Aowmd,

gdonu`gdj< (c) icgngdj ta smd` harrawmrs c 72-`cy datgom prgar ta oakkmdogdj c iarmonasurm

cotgad cs rmqugrm` ud`mr Dmw Ware Xmcn Rrapmrty Cotgads cd` Rraomm`gdjs Ncw („XRCRN‛)

§ 3?20, (h) oakkmdogdj iarmonasurm cotgads ad suhprgkm nacds wgtfaut ciigrkctgvmny cnnmjgdj gd

tfm oakpncgdt tfct Aowmd fc` stcd`gdj ta hrgdj tfm iarmonasurm cotgad cs rmqugrm` hy XRCRN

§ 3?28, cd` (o) oakkmdogdj iarmonasurm cotgads wgtfaut suiigogmdt `aoukmdtctgad ai gts stcd`gdj

ta `a sa.

6.  Pfm tcrjmtm` mxckgdctgad cnsa g`mdtgigm` gdstcdoms tfct gd`goctm` wg`msprmc` dad-

oakpngcdom wgtf tfm 8233 Cjrmmkmdt gdonu`gdj< (c) icgngdj ta pravg`m harrawmrs wgtf tfm `grmot

oadtcot gdiarkctgad iar tfmgr `msgjdctm` sgdjnm pagdt ai oadtcot, c oustakmr ocrm rmprmsmdtctgvm

wfasm ranm gs ta ud`mrstcd` mcof cssgjdm` harrawmr‗s ogroukstcdoms cd` fgstary ta mdsurm tfct

tfm harrawmr rmomgvms miigogmdt cd` oadsgstmdt oustakmr ocrm5 (h) `ucn-trcoegdj5 (o) icgngdj ta

oad`uot cd gd`mpmd`mdt rmvgmw ai nacd ka`gigoctgad `mdgcns5 (`) icgngdj ta `mkadstrctm c`aptgad

ai pangogms cd` praom`urms ta miimotgvmny trcoe scdotgadm` tfgr`-pcrty vmd`ars, gdonu`gdj naocn

Page 5: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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iarmonasurm oaudsmn5 (m) icgngdj ta `mkadstrctm gkpnmkmdtctgad ai pangogms cd` praom`urms ta

vmrgiy harrawmr gdiarkctgad ad dmwny hacr`m` cooaudts ta coourctmny rminmot tfm stctus cd`

ourrmdt hcncdom ai tfm harrawmr‗s cooaudt5 cd` (i) icgngdj ta mdsurm tfct trgcn ar pmrkcdmdt

ka`gigoctgads jrcdtm` ta harrawmrs hy c prgar smrvgomr crm fadarm` upad trcdsimr ta Aowmd.

7.  Oadsmqumdtny, ad @momkhmr =, 8238, Aowmd mdtmrm` gdta c Oadsmdt Ar`mr wgtf

tfm @mpcrtkmdt, wfgof rmqugrm` Aowmd ta rmtcgd cd gd`mpmd`mdt oakpngcdom kadgtar iar twa

ymcrs. Pfm Oadsmdt Ar`mr kcd`ctm` tfct tfm Oakpngcdom Kadgtar, wfgof waun` rmpart `grmotny

ta tfm @mpcrtkmdt, waun` „oad`uot c oakprmfmdsgvm rmvgmw . . . ai Aowmd‗s smrvgogdj

apmrctgads, gdonu`gdj gts oakpngcdom prajrck cd` apmrctgadcn pangogms cd` praom`urms.‛ Pfm

rmvgmw waun`, ct c kgdgkuk, oadsg`mr (c) tfm c`mqucoy ai Aowmd‗s stciigdj nmvmns, (h) tfm

rahustdmss ai Aowmd‗s mstchngsfm` pangogms cd` praom`urms, (o) tfm icgrdmss ai smrvgogdj imms cd`

iarmonasurm ofcrjms, (`) tfm coourcoy ai harrawmr cooaudt gdiarkctgad, (m) Aowmd‗s oakpngcdom

wgtf im`mrcn cd` stctm ncw, (i) harrawmr oakpncgdts cd` rmoar`gdjs ai oustakmr smrvgom, cd` (j)

Aowmd‗s oakpngcdom wgtf tfm Cjrmmkmdt.

32. 

Pfm Oakpngcdom Kadgtar hmjcd ware gd Luny 823?.

33.  Gd tfm oaursm ai tfm Oakpngcdom Kadgtar‗s rmvgmw, gt g`mdtgigm` dukmraus cd`

sgjdgigocdt vganctgads ai tfm 8233 Cjrmmkmdt, cs wmnn cs Dmw Ware _tctm ncws cd` rmjunctgads.

38.  Iar mxckpnm, c ngkgtm` rmvgmw hy tfm Oakpngcdom Kadgtar ai 0:6 Dmw Ware nacds

tfct Aowmd fc` iarmonasm` upad rmvmcnm` 3,?=6 vganctgads ai Aowmd‗s nmjcn ahngjctgads, ar chaut

tfrmm vganctgads pmr iarmonasm` nacd. Pfmsm vganctgads gdonu`m`<

  icgngdj ta oadigrk tfct gt fc` tfm rgjft ta iarmonasm hmiarm gdgtgctgdj iarmonasurm praomm`gdjs5

  icgngdj ta mdsurm tfct gts stctmkmdts ta tfm oaurt gd iarmonasurm praomm`gdjs wmrmoarrmot5

Page 6: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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   pursugdj iarmonasurm mvmd wfgnm ka`gigoctgad cppngoctgads wmrm pmd`gdj („`ucntrcoegdj‛)5 

  icgngdj ta kcgdtcgd rmoar`s oadigrkgdj tfct gt gs dat pursugdj iarmonasurm aismrvgomkmkhmrs ad cotgvm `uty5 cd`

  icgngdj ta cssgjd c `msgjdctm` oustakmr ocrm rmprmsmdtctgvm.

3?.  Pfm @mpcrtkmdt cd` tfm Oakpngcdom Kadgtar cnsa g`mdtgigm`, ckadj atfmr tfgdjs,

(c) gdc`mquctm cd` gdmiimotgvm gdiarkctgad tmofdanajy systmks cd` pmrsaddmn, cd` (h) wg`msprmc`

oadingots ai gdtmrmst wgtf rmnctm` pcrtgms.

Gdc`mquctm cd` Gdmiimotgvm Gdiarkctgad Pmofdanajy _ystmks cd` Rmrsaddmn 

30.  Gd tfm oaursm ai gts rmvgmw, tfm Oakpngcdom Kadgtar `mtmrkgdm` tfct Aowmd‗s

gdiarkctgad tmofdanajy systmks crm c pctofware ai nmjcoy systmks cd` systmks gdfmrgtm` irak

coqugrm` oakpcdgms, kcdy ai wfgof crm gdoakpctghnm. C irmqumdt aoourrmdom gs tfct c igx ta adm

systmk ormctms udgdtmd`m` oadsmqumdoms gd atfmr systmks. Cs c rmsunt, Aowmd rmjuncrny jgvms

 harrawmrs gdoarrmot ar aut`ctm` gdiarkctgad, smd`s harrawmrs hcoe`ctm` nmttmrs, udrmngchny trcoes

`ctc iar gdvmstars, cd` kcgdtcgds gdcoourctm rmoar`s. Pfmrm crm gdsuiigogmdt oadtrans gd pncom ‐ 

mgtfmr kcducn ar cutakctm  ̀‐ ta octof cnn ai tfmsm mrrars cd` rmsanvm tfmk.

3=.  Iar mxckpnm, Aowmd‗s systmks fcvm hmmd hcoe`ctgdj nmttmrs iar ymcrs. Gd kcdy

ocsms, harrawmrs rmomgvm` c nmttmr `mdygdj c kartjcjm nacd ka`gigoctgad, cd` tfm nmttmr wcs `ctm`

karm tfcd ?2 `cys prgar ta tfm `ctm tfct Aowmd kcgnm` tfm nmttmr. Pfmsm harrawmrs wmrm jgvmd ?2

`cys irak tfm `ctm ai tfm `mdgcn nmttmr ta cppmcn tfct `mdgcn, hut tfasm ?2 `cys fc` cnrmc`y mncpsm`

 hy tfm tgkm tfmy rmomgvm` tfm hcoe`ctm` nmttmr. Gd atfmr ocsms, Aowmd‗s systmks sfaw tfct

 harrawmrs icogdj iarmonasurm rmomgvm` nmttmrs wgtf c `ctm hy wfgof ta ourm tfmgr `micunt cd` cvag`

iarmonasurm ‐ cd` tfm ourm `ctm wcs kadtfs prgar ta rmomgpt ai tfm nmttmr. Aowmd‗s praomssms

icgnm` ta g`mdtgiy cd` rmkm`y tfmsm mrrars.

Page 7: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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39.  Karmavmr, Aowmd icgnm` ta iunny gdvmstgjctm cd` cppraprgctmny c``rmss tfm

 hcoe`ctgdj gssum wfmd cd mkpnaymm qumstgadm` tfm coourcoy ai Aowmd‗s nmttmr `ctgdj praomssms

cd` cnmrtm` tfm oakpcdy‗s Ygom Rrmsg`mdt ai Oakpngcdom. Aowmd gjdarm` tfm gssum iar igvm

kadtfs udtgn tfm sckm mkpnaymm rcgsm` gt cjcgd. Zfgnm Aowmd tfmd hmjcd miiarts ta c``rmss tfm

 hcoe`ctgdj gssum, gts gdvmstgjctgad wcs gdoakpnmtm cd` Aowmd fcs dat iunny rmsanvm` tfm gssum ta

`ctm, karm tfcd c ymcr citmr gts gdgtgcn `gsoavmry.

3:.  Aowmd‗s oarm smrvgogdj iudotgads rmny ad gts gdc`mquctm systmks. _pmogigocnny,

Aowmd usms oakkmdt oa`ms mdtmrm` mgtfmr kcducnny ar cutakctgocnny ta smrvgom gts partianga5

mcof oa`m gdgtgctms c praomss, suof cs smd`gdj c `mngdqumdoy nmttmr ta c harrawmr, ar rmimrrgdj c

nacd ta iarmonasurm oaudsmn. Zgtf Aowmd‗s rcpg` jrawtf cd` coqugsgtgads ai atfmr smrvgomrs, tfm

dukhmr ai Aowmd‗s oakkmdt oa`ms fcs hcnnaadm` ta karm tfcd 6,022 suof oa`ms. Aitmd, `um ta

gdsuiigogmdt gdtmjrctgad iannawgdj coqugsgtgads ai atfmr smrvgomrs, tfmrm crm `upngoctm oa`ms tfct

 pmriark tfm sckm iudotgad. Pfm rmsunt gs cd uddmomsscrgny oakpnmx systmk ai oakkmdt oa`ms,

gdonu`gdj, iar mxckpnm, =2 `giimrmdt oa`ms iar tfm sgdjnm iudotgad ai cssgjdgdj c strujjngdj

 harrawmr c `msgjdctm` oustakmr ocrm rmprmsmdtctgvm.

36.  @mspgtm tfmsm gssums, Aowmd oadtgdums ta rmny ad tfasm systmks ta smrvgom gts

 partianga ai `gstrmssm` nacds. Aowmd‗s rmngcdom ad tmofdanajy fcs nm` gt ta mkpnay imwmr trcgdm`

 pmrsaddmn tfcd gts oakpmtgtars. Iar mxckpnm, Aowmd‗s Ofgmi Igdcdogcn Aiigomr rmomdtny

coedawnm`jm`, gd rmimrmdom ta gts aiisfarm oustakmr ocrm pmrsaddmn, tfct Aowmd gs sgkpny

„trcgdgdj pmapnm ta rmc` tfm sorgpts cd` tfm `gcnajum mdjgdms wgtf immngdj.‛ Aowmd‗s pangoy gs ta

rmqugrm oustakmr suppart stcii ta iannaw tfm sorgpts onasmny, cd` Aowmd pmdcngzms cd` fcs

tmrkgdctm` oustakmr suppart stcii wfa icgn ta iannaw tfm sorgpts tfct cppmcr ad tfmgr oakputmr

sormmds. Gd sakm ocsms, tfgs pangoy fcs irustrctm` strujjngdj harrawmrs wfa fcvm oakpnmx gssums

Page 8: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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6

tfct mxomm` tfm haud`s ai c sorgpt cd` fcvm gssums spmcegdj wgtf rmprmsmdtctgvms ct Aowmd

ocpchnm ai c``rmssgdj tfmgr oadomrds. Karmavmr , Aowmd‗s oustakmr ocrm rmprmsmdtctgvms gd kcdy

ocsms pravg`m oadingotgdj rmspadsms ta c harrawmr‗s qumstgad. Xmprmsmdtctgvms fcvm cnsa icgnm` gd

kcdy ocsms ta rmoar` gd Aowmd‗s smrvgogdj systmk tfm dcturm ai tfm oadomrds tfct c harrawmr fcs

mxprmssm`, nmc`gdj ta gdcoourctm rmoar`s ai tfm gssums rcgsm` hy tfm harrawmr.

37.  Aowmd‗s gdc`mquctm gdircstruoturm cd` gdmiimotgvm pmrsaddmn fcvm rmsuntm` gd

Aowmd‗s icgnurm ta iunignn gts nmjcn ahngjctgads. Rrgar ta tfm @mpcrtkmdt‗s cd` tfm Oakpngcdom

Kadgtar‗s rmvgmw, Aowmd `g` dat tcem c`mquctm stmps ta gkpnmkmdt rmiarks tfct gt wcs nmjcnny

ahngjctm` ta gkpnmkmdt pursucdt ta tfm 8233 Cjrmmkmdt.

Zg`msprmc` Oadingots ai Gdtmrmst wgtf Xmnctm` Rcrtgms

82.  Pfm @mpcrtkmdt‗s r mvgmw ai Aowmd‗s kartjcjm smrvgogdj prcotgoms cnsa

udoavmrm` c dukhmr ai oadingots ai gdtmrmst hmtwmmd Aowmd cd` iaur atfmr puhngo oakpcdgms (tfm

„rmnctm` pcrtgms‛),3 cnn ai wfgof crm ofcgrm` hy Kr. Mrhmy, wfa gs cnsa tfm ncrjmst gd`gvg`ucn

sfcrmfan`mr ai mcof cd` tfm Mxmoutgvm Ofcgrkcd ai Aowmd. Gd c``gtgad ta smrvgdj cs ofcgrkcd

ai tfm hacr` iar Aowmd cd` mcof rmnctm` oakpcdy, Kr. Mrhmy‗s fan`gdjs gd tfmsm oakpcdgms tatcn

karm tfcd $3 hgnngad. Atfmr Aowmd mxmoutgvms cd` `grmotars cnsa awd sgjdgigocdt gdvmstkmdts gd

 hatf Aowmd cd` tfm rmnctm` pcrtgms. Wmt, Aowmd `ams dat fcvm c wrgttmd pangoy tfct mxpngogtny

rmqugrms patmdtgcnny oadingotm` mkpnaymms, aiigomrs, ar `grmotars ta rmousm tfmksmnvms irak

gdvanvmkmdt gd trcdscotgads wgtf tfm rmnctm` oakpcdgms.

3  Pfm rmnctm` pcrtgms crm, cs ai tfm `ctm ai tfgs Oadsmdt Ar`mr, Cntgsaurom Rartianga _anutgads, _.C.(„Cntgsaurom Rartianga‛), Cntgsaurom Xmsg`mdtgcn Oarparctgad, Cntgsaurom Cssmt Kcdcjmkmdt Oarparctgad,cd` Fakm Nacd _mrvgogdj _anutgads Nt`., cd` cdy ai tfmgr ciigngctms, prm`momssars cd` suoomssars gdgdtmrmst, hatf pcst cd` prmsmdt, cd` cdy ai tfmgr aiigomrs, `grmotars, pcrtdmrs, mkpnaymms, oadsuntcdts,rmprmsmdtctgvms, cd` cjmdts ar atfmr pmrsads cd` mdtgtgms cotgdj ud`mr tfmgr oadtran ar ad tfmgr hmfcni.

Page 9: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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7

83.  @mspgtm Kr. Mrhmy‗s fan`gdjs gd tfmsm oakpcdgms, Kr. Mrhmy fcs dat gd icot

rmousm` fgksmni irak cppravcns ai smvmrcn trcdscotgads wgtf tfm rmnctm` pcrtgms. Kr. Mrhmy, wfa

awds cppraxgkctmny 3=% ai Aowmd‗s staoe, cd` dmcrny `auhnm tfct pmromdtcjm ai tfm staoe ai

Cntgsaurom Rartianga, fcs pcrtgogpctm` gd tfm cppravcn ai c dukhmr ai trcdscotgads hmtwmmd tfm

twa oakpcdgms ar irak wfgof Cntgsaurom rmomgvm` sakm hmdmigt, gdonu`gdj tfm rmdmwcn ai

Aowmd‗s iar om` pncom` gdsurcdom prajrck gd mcrny 8230.

88.  Aowmd‗s onasm husgdmss rmnctgadsfgp wgtf rmnctm` oakpcdgms gs pcrtgouncrny mvg`mdt

gd gts rmnctgadsfgp wgtf Cntgsaurom Rartianga, wfgof fcs `azmds ai suhsg`gcrgms tfct pmriark imm-

 hcsm` smrvgoms iar Aowmd. Gd adm mxckpnm, Cntgsaurom Rartianga suhsg`gcry Fuhzu, cd adngdm

cuotgad sgtm, fasts dmcrny cnn Aowmd cuotgads. Gd omrtcgd ogroukstcdoms, Fuhzu fcs ofcrjm` karm

iar gts smrvgoms ta Aowmd tfcd ta atfmr oustakmrs ‐ ofcrjms wfgof crm tfmd pcssm` ad ta

 harrawmrs cd` gdvmstars. Karmavmr, Aowmd mdjcjms Cntgsaurom Rartianga suhsg`gcry XMCNFakm

_mrvgoms cd` _anutgads, Gdo. cs gts `micunt rmcn mstctm cjmdoy iar sfart scnms cd` gdvmstar-awdm`

 prapmrtgms, mvmd tfaujf tfgs cjmdoy prgdogpcnny mkpnays aut-ai-stctm cjmdts wfa `a dat pmriark

tfm adsgtm ware tfct naocn cjmdts pmriark, ct tfm sckm oast ta harrawmrs cd` gdvmstars.

8?.  Oadingots ai gdtmrmst crm mvg`mdt ct atfmr nmvmns ai tfm Aowmd arjcdgzctgad. Iar

mxckpnm, `urgdj gts rmvgmw, tfm Kadgtar `gsoavmrm` tfct Aowmd‗s Ofgmi Xgse Aiigomr

oadourrmdtny smrvm` cs tfm Ofgmi Xgse Aiigomr ai Cntgsaurom Rartianga. Pfm Ofgmi Xgse Aiigomr

rmpartm` `grmotny ta Kr. Mrhmy gd hatf ocpcogtgms. Pfgs gd`gvg`ucn smmkm` dat ta cpprmogctm tfm

 patmdtgcn oadingots ai gdtmrmst pasm` hy tfgs `ucn ranm, wfgof wcs ai pcrtgouncr oadomrd jgvmd fgs

ranm cs Ofgmi Xgse Aiigomr.

Page 10: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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32

_mttnmkmdt Rravgsgads

Kadmtcry Rcykmdt

80.  Aowmd wgnn pcy tfm ckaudt ai $3=2 kgnngad cs iannaws<

c.  $322 kgnngad pcg` ta tfm @mpcrtkmdt hy @momkhmr ?3, 8230, cs c ogvgn kadmtcry

 pmdcnty pursucdt ta Dmw Ware Hcdegdj Ncw § 00, ta hm usm` hy tfm _tctm ai Dmw

Ware iar fausgdj, iarmonasurm rmngmi, cd` oakkudgty rm`mvmnapkmdt prajrcks

suppartgdj Dmw Ware‗s fausgdj rmoavmry5 cd` 

 h.  $=2 kgnngad `mpasgtm` gdta cd gdtmrmst-hmcrgdj msoraw cooaudt hy @momkhmr ?3,

8230, ta hm pcg` cs rmstgtutgad ta ourrmdt cd` iarkmr Aowmd-smrvgom` harrawmrs gd

 Dmw Ware, cs iannaws<

g. 

$32,222 ta mcof harrawmr wfasm fakm wcs iarmonasm` upad hy Aowmd

 hmtwmmd Lcducry 3, 8227, cd` tfm `ctm ai tfgs Oadsmdt Ar`mr5 cd`

gg.  Pfm hcncdom ai tfm $=2 kgnngad ta hm `gstrghutm` mqucnny ckadj harrawmrs

wfa fc` iarmonasurm cotgads ignm` cjcgdst tfmk hy Aowmd hmtwmmd Lcducry

3, 8227, cd` tfm `ctm ai tfgs Oadsmdt Ar`mr, hut gd wfgof Aowmd `g` dat

oakpnmtm suof iarmonasurm.

8=.  Aowmd cjrmms tfct gt wgnn dat oncgk, cssmrt, ar cppny iar c tcx `m`uotgad ar tcx

orm`gt wgtf rmjcr` ta cdy ]._. im`mrcn, stctm, ar naocn tcx, `grmotny ar gd`grmotny, iar cdy partgad ai

tfm ckaudt pcg` pursucdt ta tfgs Oadsmdt Ar`mr.

Harrawmr Cssgstcdom

89.  Iar harrawmrs rmomgvgdj pcykmdts pursucdt ta Rcrcjrcpf 80(h)(gg), Aowmd wgnn

mvcnuctm suof harrawmrs iar cnn cppngochnm ka`gigoctgads cd` atfmr iarmonasurm cntmrdctgvms gd

ngjft ai tfmgr gkpravm` igdcdogcn oad`gtgad rmsuntgdj irak suof pcykmdt.

Page 11: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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8:.  Hmjgddgdj sgxty (92) `cys citmr tfm `ctm ai mxmoutgad ai tfm Oadsmdt Ar`mr, cd`

iar c pmrga` ai twa ymcrs tfmrmcitmr, Aowmd wgnn pravg`m upad rmqumst hy c Dmw Ware harrawmr

tfct harrawmr‗s oakpnmtm nacd ignm, wfgof gdonu`ms cnn gdiarkctgad irak cnn systmks, gdonu`gdj

oakkmdt oa`ms, ct da oast ta tfm harrawmr , rmjcr`nmss ai wfmtfmr suof harrawmr‗s nacd gs stgnn

smrvgom` hy Aowmd.

86.  Hmjgddgdj sgxty (92) `cys citmr tfm `ctm ai mxmoutgad ai tfm Oadsmdt Ar`mr,

Aowmd wgnn pravg`m mvmry Dmw Ware harrawmr wfa gs `mdgm` c ka`gigoctgad, sfart scnm, ar `mm`-

gd-ngmu ai iarmonasurm, c `mtcgnm` mxpncdctgad ai tfm rmcsads iar `mdgcn.

87. 

Hmjgddgdj sgxty (92) `cys citmr tfm `ctm ai mxmoutgad ai tfgs Oadsmdt Ar`mr, iar cnn

 Dmw Ware harrawmrs wfa fcvm hmmd rmpartm` dmjctgvmny hy Aowmd ta orm`gt cjmdogms sgdom

Lcducry 3, 8232, Aowmd wgnn pravg`m upad rmqumst ct da oast c oapy ai suof harrawmr‗s orm`gt

rmpart (gdonu`gdj orm`gt soarms) da karm tfcd adom c ymcr , rmjcr`nmss ai wfmtfmr suof harrawmr‗s

nacd gs stgnn smrvgom` hy Aowmd. Aowmd wgnn kcem suiigogmdt stcii cvcgnchnm iar harrawmrs ta

gdqugrm chaut tfmgr orm`gt rmpartgdj cd` wgnn `m`goctm tfm rmsauroms dmomsscry ta gdvmstgjctm suof

gdqugrgms cd` prakptny oarrmot cdy mrrars.

?2.  Pfm Apmrctgads Kadgtar wgnn avmrsmm Aowmd‗s oakpngcdom wgtf tfmsm harrawmr

cssgstcdom pravgsgads cd` wgnn ware wgtf Aowmd ta `mvmnap cppraprgctm praom`urms iar suof

oakpngcdom.

Apmrctgads Kadgtar

?3.  Pfm @mpcrtkmdt wgnn smnmot gd gts sanm `gsormtgad cd gd`mpmd`mdt ad-sgtm apmrctgads

kadgtar (tfm „Apmrctgads Kadgtar‛) tfct wgnn rmpart `grmotny ta tfm @mpcrtkmdt.

?8.  Pfm Apmrctgads Kadgtar wgnn rmvgmw cd` cssmss tfm c`mqucoy cd` miimotgvmdmss ai

Aowmd‗s apmrctgads. _uof cd cssmsskmdt wgnn gdonu`m hut gs dat ngkgtm` ta tfm iannawgdj crmcs<

Page 12: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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c.  Gdiarkctgad tmofdanajy systmks cd` pmrsaddmn, gdonu`gdj wgtf rmspmot ta rmoar`

emmpgdj cd` harrawmr oakkudgoctgads5 

 h.   Dukhmr ai pmrsaddmn cd` tfm trcgdgdj cd` mxpmrtgsm ai gts pmrsaddmn gd cnn

smrvgogdj apmrctgads5 

o.  Adhacr`gdj praomss iar dmwny coqugrm` kartjcjm smrvgogdj rgjfts, gdonu`gdj

Aowmd‗s chgngty ta adhacr` dmwny coqugrm` K_Xs wgtfaut gdtmrruptgad ta

smrvgogdj dmwny coqugrm` nacds ar gts mxgstgdj nacd partianga5

`.  Oadtrans gd g`mdtgiygdj cd` oarrmotgdj mrrars kc`m hy Aowmd‗s pmrsaddmn ar

systmks5 

m.  Xgse kcdcjmkmdt iudotgads5 

i. 

Oadtrcots ar prapasm` oadtrcots wgtf tfgr` pcrtgms, gdonu`gdj hut dat ngkgtm` ta

rmnctm` pcrtgms5 

j.  Imms ofcrjm` hy Aowmd ta harrawmrs ar kartjcjm gdvmstars5 cd` 

f.  Pfm Aowmd harrawmr mxpmrgmdom. 

??. 

Pfm Apmrctgads Kadgtar wgnn g`mdtgiy tfm orgtmrgc iar `mtmrkgdgdj wfct oadstgtutms

c „rmnctm` pcrty‛ iar purpasms ai oakpngcdom wgtf tfgs Oadsmdt Ar`mr.

?0.  Pfm purvgmw ai tfm Apmrctgads Kadgtar wgnn mxtmd` ta cnn kcttmrs `grmotny ar

gd`grmotny ciimotgdj Dmw Ware harrawmrs, gdonu`gdj kcttmrs tfct ciimot harrawmrs gd cnn stctms ar

gd kuntgpnm stctms tfct gdonu`m Dmw Ware. 

?=.  Pfm Apmrctgads Kadgtar wgnn g`mdtgiy dmm`m` oarrmotgvm kmcsurms ta c``rmss

g`mdtgigm` wmcedmssms cd` `migogmdogms gd Aowmd‗s apmrctgads, kcem rmoakkmd`ctgads ta Aowmd

cd` ta tfm _upmrgdtmd`mdt, cd` avmrsmm gkpnmkmdtctgad ai rmiarks. Pfm Apmrctgads Kadgtar wgnn

Page 13: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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3?

cnsa `mvmnap hmdofkcres cjcgdst wfgof ta cssmss Aowmd‗s prajrmss gd oakpnygdj wgtf

rmoakkmd`m` oarrmotgvm kmcsurms.

?9.  Pfm Apmrctgads Kadgtar wgnn rmvgmw cd` cssmss Aowmd‗s ourrmdt oakkgttmms ai

tfm Hacr` ai @grmotars. Aowmd Igdcdogcn Oarparctgad‗s Hacr` ai @grmotars (tfm „Hacr`‛) wgnn

oadsunt wgtf tfm Apmrctgads Kadgtar oadomrdgdj, ckadj atfmr tfgdjs, tfm struoturm, oakpasgtgad,

cd` rmpartgdj ngdms ai suof oakkgttmms, cd` wfmtfmr omrtcgd oakkgttmms sfaun` hm mgtfmr

`gshcd`m` ar ormctm`. 

?:.  Pfm Hacr` wgnn oadsunt wgtf tfm Apmrctgads Kadgtar ta `mtmrkgdm wfgof `mogsgads

sfaun` hm oakkgttm` ta tfm spmogigo avmrsgjft ai tfm Hacr`‗s gd`mpmd`mdt `grmotars, ar c

oakkgttmm oakprgsm` ai suof gd`mpmd`mdt `grmotars, gdonu`gdj, hut dat ngkgtm` ta<

c. 

Cppravcn ai trcdscotgads wgtf rmnctm` pcrtgms5 

 h.  Cppravcn ai trcdscotgads ta coqugrm kartjcjm smrvgogdj rgjfts, suh-smrvgogdj

rgjfts, ar atfmrwgsm ta gdormcsm tfm dukhmr ai nacds smrvgom` hy Aowmd5 

o.  Cppravcn ai dmw rmnctgadsfgps wgtf tfgr`-pcrty vmd`ars5 

`. 

@mtmrkgdctgads cs ta wfmtfmr Aowmd‗s smrvgogdj, oakpngcdom, cd` gdiarkctgad

tmofdanajy iudotgads crm c`mquctmny stciim`5 

m.  @mtmrkgdctgads cs ta wfmtfmr Aowmd‗s smrvgogdj, oakpngcdom, cd` gdiarkctgad

tmofdanajy pmrsaddmn crm c`mquctmny trcgdm`5 

i.  @mtmrkgdctgads cs ta wfmtfmr Aowmd‗s gdiarkctgad tmofdanajy gdircstruoturm cd`

adjagdj gdvmstkmdt gd gdiarkctgad tmofdanajy systmks crm c`mquctm5

j.  @mtmrkgdctgads cs ta wfmtfmr Aowmd gs c`mquctmny c``rmssgdj tfm gssums

g`mdtgigm` hy tfm Apmrctgads Kadgtar cd` tfm Oakpngcdom Kadgtar5 cd` 

Page 14: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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f.  @mtmrkgdctgads cs ta wfmtfmr Aowmd gs trmctgdj harrawmrs icgrny cd` gs

oakkudgoctgdj wgtf harrawmrs cppraprgctmny.

?6.  Pfm Hacr` wgnn oadsunt wgtf tfm Apmrctgads Kadgtar ta `mtmrkgdm wfmtfmr cdy

kmkhmr ai smdgar kcdcjmkmdt sfaun` hm tmrkgdctm` ar wfmtfmr c``gtgadcn aiigomrs sfaun` hm

rmtcgdm` ta cofgmvm tfm jacns ai oakpnygdj wgtf tfgs Oadsmdt Ar`mr, cd` cnn cppngochnm ncws,

rmjunctgads, cd` cjrmmkmdts, cs wmnn cs ormctgdj c oarparctm ounturm ai mtfgos, gdtmjrgty,

oakpngcdom, cd` rmspadsgvmdmss ta harrawmrs.

?7.  Aowmd kcy coqugrm K_Xs upad (c) kmmtgdj hmdofkcres `mvmnapm` hy tfm

Apmrctgads Kadgtar oadomrdgdj tfm c`mqucoy ai Aowmd‗s adhacr`gdj praomss iar dmwny coqugrm`

K_Xs cd` gts chgngty ta c`mquctmny smrvgom hatf tfasm dmwny coqugrm` K_Xs cd` gts mxgstgdj nacd

 partianga, cd` (h) tfm @mpcrtkmdt‗s cppravcn, dat ta hm udrmcsadchny wgtffmn`. Pfm Apmrctgads

Kadgtar wgnn cot wgtf rmcsadchnm mxpm`gtgad ta `mvmnap suof hmdofkcres gd oadsuntctgad wgtf

Aowmd. Pfmsm hmdofkcres wgnn c``rmss, ct c kgdgkuk, tfm iannawgdj<

c.  Pfm `mvmnapkmdt cd` gkpnmkmdtctgad ai c sctgsicotary oakpngcdom pncd5

 h. 

Pfm `mvmnapkmdt cd` gkpnmkmdtctgad ai c pncd ta rmsanvm rmoar`-emmpgdj cd`

 harrawmr oakkudgoctgad gssums5

o.  Pfm rmcsadchnmdmss ai imms cd` mxpmdsms ofcrjm` ta harrawmrs cd` kartjcjm

gdvmstars, gdonu`gdj tfasm ofcrjm` `grmotny ar gd`grmotny hy rmnctm` pcrtgms5

`.  Pfm `mvmnapkmdt cd` pmriarkcdom ai c rgse cssmsskmdt ta g`mdtgiy patmdtgcn rgses

cd` `migogmdogms gd tfm adhacr`gdj praomss5 cd`

m.  Pfm `mvmnapkmdt ai c wrgttmd adhacr`gdj pncd tfct c``rmssms patmdtgcn rgses cd`

`migogmdogms, gdonu`gdj tmstgdj cd` qucngty oadtran rmvgmw pmrga`gocnny `urgdj tfm

adhacr`gdj praomss.

Page 15: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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3=

02.  Pfm Apmrctgads Kadgtar wgnn smkg-cdducnny rmvgmw cd` cppravm Aowmd‗s

 hmdofkcre prgogdj cd` pmriarkcdom stu`gms wgtf rmspmot ta cnn imms ar mxpmdsms ofcrjm` ta Dmw

Ware harrawmrs hy cdy rmnctm` pcrty.

03.  Pfm Apmrctgads Kadgtar wgnn avmrsmm cd` mdsurm Aowmd‗s gkpnmkmdtctgad cd`

c`fmrmdom ta tfm tmrks ai tfgs Oadsmdt Ar`mr.

08.  Zgtfgd adm fud`rm` twmdty (382) `cys ai tfm `ctm ai tfm iarkcn mdjcjmkmdt ai

tfm Apmrctgads Kadgtar, tfm Apmrctgads Kadgtar wgnn suhkgt ta tfm Rcrtgms c prmngkgdcry wrgttmd

rmpart ai igd`gdjs, gdonu`gdj, ta tfm mxtmdt tfm Apmrctgads Kadgtar fcs fc` tfm appartudgty ta

`mvmnap tfmk, cdy prapasm` oarrmotgvm kmcsurms cd` cssaogctm` hmdofkcres (tfm „Apmrctgads

Xmpart‛). Pfm Apmrctgads Kadgtar wgnn suhkgt wrgttmd kadtfny cotgad prajrmss rmparts

(„Rrajrmss Xmparts‛) ta tfm Rcrtgms. Ad c qucrtmrny hcsgs, stcrtgdj dgdmty (72) `cys irak tfm `ctm

ai tfm igrst Apmrctgads Xmpart, tfm Apmrctgads Kadgtar wgnn gssum cd Apmrctgads Xmpart oavmrgdj

tfm tfrmm-kadtf pmrga` gkkm`gctmny prmom`gdj. 

0?.  Aowmd cjrmms ta oaapmrctm iunny wgtf tfm Apmrctgads Kadgtar hy, gdonu`gdj hut

dat ngkgtm` ta, pravg`gdj tfm Apmrctgads Kadgtar coomss ta cnn rmnmvcdt pmrsaddmn cd` rmoar`s

dmomsscry ad c rmcn-tgkm hcsgs, gdonu`gdj tfasm ct cdy avmrsmcs naoctgads, cd` gdonu`gdj

gdiarkctgad ad husgdmss `mogsgads pmrtgdmdt ta tfm ware ai tfm Apmrctgads Kadgtar ourrmdtny

 pmd`gdj ar rmomdtny kc`m hy Aowmd kcdcjmkmdt ar gts Hacr` ai @grmotars, ta cnnaw tfm

Apmrctgads Kadgtar ta iunignn gts `utgms.

00.  Cdy `gsputm cs ta tfm soapm ai tfm Apmrctgads Kadgtar‗s cutfargty wgnn hm rmsanvm`

 hy tfm @mpcrtkmdt gd tfm mxmrogsm ai gts sanm `gsormtgad citmr cppraprgctm oadsuntctgad wgtf Aowmd

cd`/ar tfm Apmrctgads Kadgtar. 

0=.  Aowmd wgnn pcy cnn rmcsadchnm cd` dmomsscry oasts ai tfm Apmrctgads Kadgtar.  

Page 16: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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39

09.  Pfm tmrks ai tfm Apmrctgads Kadgtar wgnn mxtmd` iar c pmrga` ai twmdty-iaur (80)

kadtfs irak tfm `ctm ai iarkcn mdjcjmkmdt wfgof sfcnn hm da nctmr tfcd Kcy 3, 823=. Pfm

@mpcrtkmdt kcy, gd gts sanm `gsormtgad, mxtmd` tfm mdjcjmkmdt cdatfmr twmnvm (38) kadtfs gi tfm

@mpcrtkmdt `mtmrkgdms tfct Aowmd fcs dat suiigogmdtny cofgmvm` hmdofkcres g`mdtgigm` hy tfm

Apmrctgads Kadgtar.

Oakpngcdom Kadgtar

0:.  Pfm Oakpngcdom Kadgtar wgnn rmkcgd mdjcjm` iar ct nmcst tfrmm (?) kadtfs irak

tfm mxmoutgad ai tfgs Oadsmdt Ar`mr. Pfm @mpcrtkmdt kcy, gd gts sanm ̀ gsormtgad, mxtmd` tfm

mdjcjmkmdt ai tfm Oakpngcdom Kadgtar iar c pmrga` dat ta mxomm` cd c``gtgadcn tfrmm (?)

kadtfs.

06. 

Iannawgdj oakpnmtgad ai tfm Oakpngcdom Kadgtar‗s mdjcjmkmdt, tfm Apmrctgads

Kadgtar kcy ocnn upad tfm Oakpngcdom Kadgtar ta pmriark ware tfct `rcws ad tfm Oakpngcdom

Kadgtar‗s gdstgtutgadcn edawnm`jm ai Aowmd. 

07.  Rrgar ta tfm Apmrctgads Kadgtar‗s mdjcjmkmdt cd` iar c sfart trcdsgtgadcn pmrga`

tfmrmcitmr dat ta mxomm` iarty-igvm (0=) `cys, tfm @mpcrtkmdt kcy gd gts sanm `gsormtgad `grmot tfm

Oakpngcdom Kadgtar ta ignn cdy ai tfm ranms ai tfm Apmrctgads Kadgtar `msorghm` gd tfgs Oadsmdt

Ar`mr. 

Hacr` ai @grmotars

=2.  Aowmd Igdcdogcn Oarparctgad wgnn mxpcd` gts Hacr` ai @grmotars hy twa

gd`mpmd`mdt hacr` kmkhmrs (tfm „C``gtgadcn @grmotars‛) gd oadsuntctgad wgtf tfm Oakpngcdom

Kadgtar ar tfm Apmrctgads Kadgtar. 

=3.  Pfm C``gtgadcn @grmotars wgnn dat awd mqugty gd cdy rmnctm` pcrty. 

=8.  Aowmd‗s Hacr` wgnn oadtcgd da karm tfcd twa mxmoutgvm `grmotars ct cdy tgkm. 

Page 17: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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3:

Oadingots ai Gdtmrmst

=?.  Zgtf rmspmot ta kartjcjm nacds smrvgom` hy Aowmd, Aowmd wgnn oad`uot smkg-

cdducn hmdofkcregdj stu`gms ai prgogdj cd` pmriarkcdom stcd`cr`s wgtf rmspmot ta cnn imms ar

mxpmdsms ofcrjm` ta Dmw Ware harrawmrs ar ta gdvmstars ad Dmw Ware prapmrty hy cdy rmnctm`

 pcrty, ta `mtmrkgdm wfmtfmr tfm tmrks aiimrm` hy tfm rmnctm` pcrty crm oakkmdsurctm wgtf kcremt

rctms ar, gi kcremt rctms crm dat cvcgnchnm, crm rmcsadchny rmnctm` ta cotucn mxpmdsms gdourrm` hy

tfm rmnctm` pcrty. Kcxgkuk rctms iar smrvgoms tfct crm mstchngsfm` hy javmrdkmdt-spadsarm`

mdtmrprgsms ar atfmr gdvmstars kcy dat hm prmsukm` ta hm tfm kcremt rctm cd` kcy dat suhstgtutm

iar cotucn cssmsskmdt ai kcremt rctms. 

=0.  Aowmd wgnn dat sfcrm cdy oakkad aiigomrs ar mkpnaymms wgtf cdy rmnctm` pcrty.

==. 

Aowmd wgnn dat sfcrm rgse, gdtmrdcn cu`gt, ar vmd`ar avmrsgjft iudotgads wgtf cdy

rmnctm` pcrty. 

=9.  Cdy Aowmd mkpnaymm, aiigomr, ar `grmotar awdgdj karm tfcd $822,222 mqugty

awdmrsfgp gd cdy rmnctm` pcrty wgnn hm rmousm` irak dmjatgctgdj, ar vatgdj ta cppravm c

trcdscotgad wgtf tfm rmnctm` pcrty gd wfgof tfm mkpnaymm, aiigomr, ar `grmotar fcs suof mqugty

awdmrsfgp, ar cdy trcdscotgad tfct gd`grmotny hmdmigts suof rmnctm` pcrty gi suof trcdscotgad

gdvanvms rmvmdums ar mxpmdsm ta Aowmd ar c rmnctm` pcrty ai $382,222 ar karm.

Kcdcjmkmdt Ofcdjms

=:.  Miimotgvm Lcducry 39, 823=, Zgnngck Mrhmy wgnn rmsgjd irak fgs pasgtgad cs

Mxmoutgvm Ofcgrkcd ai Aowmd, fgs pasgtgad cs Ofcgrkcd ai tfm Hacr` ai @grmotars ai Cntgsaurom

Rartianga, fgs pasgtgad ai Ofcgrkcd ai tfm Hacr` ai @grmotars ai Cntgsaurom Xmsg`mdtgcn

Oarparctgad, fgs pasgtgad ai Ofcgrkcd ai tfm Hacr` ai @grmotars ai Cntgsaurom Cssmt Kcdcjmkmdt

Oarparctgad, cd` fgs pasgtgad ai Ofcgrkcd ai tfm Hacr` ai @grmotars ai Fakm Nacd _mrvgogdj

Page 18: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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36

_anutgads Nt`. Kr. Mrhmy wgnn fcvm da `grmotargcn, kcdcjmkmdt, avmrsgjft, oadsuntgdj, ar cdy

atfmr ranm ct Aowmd ar cdy rmnctm` pcrty, ar ct cdy ai Aowmd‗s ar tfm rmnctm` pcrtgms‗ ciigngctms ar

suhsg`gcrgms cs ai tfm `ctm ai fgs rmsgjdctgad. Miimotgvm ct fgs rmsgjdctgad, Aowmd‗s Hacr`

kmkhmrs cd` kcdcjmkmdt wgnn dat `gsonasm ta Kr. Mrhmy cdy dad-puhngo gdiarkctgad chaut

Aowmd tfct gs dat cvcgnchnm ta atfmr sfcrmfan`mrs. Gd tfm mvmdt tfct Aowmd `gsoavmrs c vganctgad

ai tfm tmrks ai tfgs Rcrcjrcpf, Aowmd wgnn datgiy tfm @mpcrtkmdt ai tfm vganctgad wgtfgd tfrmm (?)

 husgdmss `cys ai `gsoavmry. 

 Da Gd`mkdgigoctgad

=6. 

 Dmgtfmr Aowmd, dar cdy ai gts pcrmdts ar ciigngctms wgnn, oannmotgvmny ar

gd`gvg`ucnny, smme ar coompt, `grmotny ar gd`grmotny, rmgkhursmkmdt ar gd`mkdgigoctgad, gdonu`gdj,

 hut dat ngkgtm` ta, pcykmdt kc`m pursucdt ta cdy gdsurcdom pangoy, ar irak cdy ai gts pcrmdts ar

ciigngctms, wgtf rmjcr` ta cdy ar cnn ai tfm ckaudts pcychnm pursucdt ta tfgs Oadsmdt Ar`mr.

Hrmcof ai Oadsmdt Ar`mr

=7.  Gd tfm mvmdt tfct tfm @mpcrtkmdt hmngmvms Aowmd ta hm gd kctmrgcn hrmcof ai tfgs

Oadsmdt Ar`mr („Hrmcof‛), tfm @mpcrtkmdt wgnn pravg`m wrgttmd datgom ta Aowmd, cd` Aowmd

kust, wgtfgd tmd (32) husgdmss `cys ai rmomgvgdj suof datgom, ar ad c nctmr `ctm gi sa `mtmrkgdm` gd

tfm @mpcrtkmdt‗s sanm `gsormtgad, cppmcr hmiarm tfm @mpcrtkmdt ta `mkadstrctm tfct da Hrmcof

fcs aoourrm` ar, ta tfm mxtmdt pmrtgdmdt, tfct tfm Hrmcof fcs hmmd ourm`.

92.  Pfm pcrtgms ud`mrstcd` cd` cjrmm tfct Aowmd‗s icgnurm ta kcem tfm rmqugrm`

sfawgdj wgtfgd tfm `msgjdctm` tgkm pmrga` wgnn hm prmsukptgvm mvg`mdom ai Aowmd‗s Hrmcof.

]pad c igd`gdj ai Hrmcof, tfm @mpcrtkmdt fcs cnn tfm rmkm`gms cvcgnchnm ta gt ud`mr tfm Dmw

Ware Hcdegdj cd` Igdcdogcn _mrvgoms Ncws cd` kcy usm cdy mvg`mdom cvcgnchnm ta tfm

@mpcrtkmdt gd cdy mdsugdj fmcrgdjs, datgoms, ar ar`mrs.

Page 19: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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37

Zcvgmr ai Xgjfts

93.  Pfm pcrtgms ud`mrstcd` cd` cjrmm tfct da pravgsgad ai tfgs Oadsmdt Ar`mr gs

suhlmot ta rmvgmw gd cdy oaurt ar trghudcn autsg`m tfm @mpcrtkmdt.

Rcrtgms Haud` hy tfm Oadsmdt Ar`mr

98.  Pfgs Oadsmdt Ar`mr gs hgd`gdj ad tfm @mpcrtkmdt cd` Aowmd, cs wmnn cs Aowmd‗s

suoomssars cd` cssgjds tfct crm ud`mr tfm @mpcrtkmdt‗s supmrvgsary cutfargty. Pfgs Oadsmdt

Ar`mr `ams dat hgd` cdy im`mrcn ar atfmr stctm cjmdoy ar cdy ncw mdiaromkmdt cutfargty.

9?.  Mxompt cs smt iartf gd Rcrcjrcpfs 90 cd` 9=, da iurtfmr cotgad wgnn hm tcemd hy tfm

@mpcrtkmdt cjcgdst Aowmd iar tfm kcttmrs smt iartf gd tfgs Oadsmdt Ar`mr, pravg`m` tfct Aowmd

oakpngms wgtf tfm tmrks ai tfm Oadsmdt Ar`mr.

90. 

 Datfgdj gd tfgs Oadsmdt Ar`mr sfcnn mxousm Aowmd irak pcygdj rmqugrm`

rmstgtutgad ta cdy harrawmrs fcrkm` hy gts gkprapmr ar gnnmjcn oad`uot, gdonu`gdj tfm hcoe`ctgdj

ai nmttmrs ta harrawmrs. Pa tfm mxtmdt c harrawmr mdtgtnm` ta rmstgtutgad fcs rmomgvm` c ocsf

 pcykmdt pursucdt ta tfgs Oadsmdt Ar`mr, Aowmd kcy aiismt suof pcykmdt cjcgdst tfm rmstgtutgad

awm` ta suof harrawmr. 

9=.   Datwgtfstcd`gdj cdy atfmr pravgsgad gd tfgs Oadsmdt Ar`mr, tfm @mpcrtkmdt kcy

ud`mrtcem c``gtgadcn cotgad cjcgdst Aowmd iar trcdscotgads ar oad`uot tfct< (c) crm dat smt iartf

gd tfgs Oadsmdt Ar`mr5 (h) Aowmd `g` dat `gsonasm ta tfm Oakpngcdom Kadgtar ar tfm @mpcrtkmdt

gd oaddmotgad wgtf tfm @mpcrtkmdt‗s gdvmstgjctgad gdta tfmsm kcttmrs5 cd` (o) tfct tfm @mpcrtkmdt

cd` Oakpngcdom Kadgtar wmrm dat atfmrwgsm cwcrm ai gd oaddmotgad wgtf tfm @mpcrtkmdt‗s

gdvmstgjctgad cd` tfm ware ai tfm Oakpngcdom Kadgtar.

 Datgoms

99.  Cnn datgoms ar oakkudgoctgads rmjcr`gdj tfgs Oadsmdt Ar`mr wgnn hm smdt ta<

Page 20: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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82

Iar tfm @mpcrtkmdt<

@cdgmn HurstmgdMxmoutgvm @mputy _upmrgdtmd`mdtXmcn Mstctm Igdcdom @gvgsgad

 Dmw Ware _tctm @mpcrtkmdt ai Igdcdogcn _mrvgomsAdm _tctm _trmmt Dmw Ware, DW 32220

Iar Aowmd<

Pgkatfy K. FcymsMxmoutgvm Ygom Rrmsg`mdt cd` Jmdmrcn OaudsmnAowmd Igdcdogcn Oarparctgad3993 Zartfgdjtad Xac` #322Zmst Rcnk Hmcof, IN ??027

Kgsomnncdmaus

9:.  Mcof pravgsgad ai tfgs Oadsmdt Ar`mr wgnn rmkcgd miimotgvm cd` mdiaromchnm udtgn

stcym`, ka`gigm`, suspmd`m`, ar tmrkgdctm` hy tfm @mpcrtkmdt.

96.   Da prakgsm, cssurcdom, rmprmsmdtctgad, ar ud`mrstcd`gdj atfmr tfcd tfasm

oadtcgdm` gd tfgs Oadsmdt Ar`mr fcs hmmd kc`m ta gd`uom cdy pcrty ta cjrmm ta tfm pravgsgads ai

tfm Oadsmdt Ar`mr.

GD ZGPDM__ ZFMXMAI, tfm pcrtgms fcvm ocusm` tfgs Oadsmdt Ar`mr ta hm sgjdm` tfgs 88d`

`cy ai @momkhmr, 8230.

AOZMD IGDCDOGCN OAXRAXCPGAD

Hy< QQQQQQQQQQQQQQQQQQQQQQQXADCN@ ICXG_

Rrmsg`mdt cd` Ofgmi Mxmoutgvm Aiigomr

DMZ WAXE _PCPM @MRCXPKMDP AI

IGDCDOGCN _MXYGOM_

Hy< QQQQQQQQQQQQQQQQQQQQQQQHMDLCKGD K. NCZ_EW

_upmrgdtmd`mdt ai Igdcdogcn _mrvgoms 

AOZMD NACD _MXYGOGDJ, NNO

Hy< QQQQQQQQQQQQQQQQQQQQQQQ

PGKAPFW K. FCWM_

Mxmoutgvm Ygom Rrmsg`mdt

Page 21: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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Iar tfm @mpktkmdt<

@cdgmn Hurstmgd

Mxmoutgvm @mputy _upmrgdtmd`mdt

Xmcn Mstctm Igdcdom @gvgsgad

Dmw Ware _tctm @mpcrtkmdt

ai

Igdcdogcn _mrvgoms

Adm _tctm _trmmt

Dmw

Ware, DW 32220

Iar Aowmd<

Pgkatfy K. Fcyms

Mxmoutgvm Ygom Rrmsg`mdt cd` Jmdmrcn Oaudsmn

Amwmd Igdcdogcn Oarparctgad

3993 ZAGtfgdjtad Xac` #322

Zmst Rcnk Hmcof. IN ??027

Kgsomnncdmaus

9:. Mcof pravgsgad aUtfgs Oadsmdt Ar`mr wgnn rmkcgd miimotgvm cd` mdiaromchnm udtgn

stcym`, ka`gigm`, suspmd`m`,

ar

tmrkgdctm` hy tfm @mpcrtkmdt.

96. Da prakgsm, cssurcdom, rmprmsmdtctgad, ar ud`mrstcd`gdj atfmr tfcd tfasm

oadtcgdm` gd tfgs Oadsmdt Ar`mr fcs hmmd kc`m ta gd`uom cdy pkty ta cjrmm ta tfm pravgsgads ai

tfm Oadsmdt Ar`mr.

D ZGPDM__ ZFMXMAI

tfm pcrtgms fcvm ocusm` tfgs Oadsmdt Ar`mr ta hm sgjdm` tfgs 37tf

`cy ai @momkhmr. 8230.

AOZMD IGDCDOGCN OAXRAXCPGAD

DMZ WAXE _PCPM @MRCXPKMDP AI

~

IGDCDOGCN _MXYGOM_

Hy<

Hy<

H M D o 5 o L 5 - < C ~ K 5 a G < - 5 D - 5 < K - 5 - , - 5 < N - - 5 C - < O Z 5 - 5 5 _ E - < < < 5 W - 5 - -

XADCN@ ICXG_

Rrmsg`mdt cd` Ofgmi Mxmoutgvm Aiigomr _upmrgdtmd`mdt

a

Igdcdogcn _mrvgoms

AOZMD NACD _MXYGOGDJ, NNO

Hy<

PGKA<AooP F W;K-5-,oaF-5-C<OyO55MAO,

_ -----

Mxmoutgvm Ygom Rrmsg`mdt

8

Page 22: New York Department of Financial Services ("DFS") Announces OCWEN Chairman to Resign; OCWEN to Provide Direct Homeowner Relief and Undertake Significant Operational Reforms

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Iar

tf

m @mpcrtkmdt<

@cdgmn Hurstmgd

Mxmoutgvm @mputy _upmrgdtmd`mdt

Xmcn Mstctm Igdcdom @gvgsgad

Dmw Ware _tctm @mpcrtkmdt

ai

Igdcdogcn _mrvgoms

Adm _tctm _trmmt

Dmw Ware, DW

32

220

Iar Amwmd<

Pgka

tf

y

K.

Fcyms

Mxmoutgvm Ygom Rrmsg`mdt cd` Jmdmrcn Oaudsmn

Aowmd Igdcdogcn Oarparct gad

3993 Zartfgdjtad

Xa

c` # 322

Zm Rcnk Hmcof, IN ??027

Kgsom

nn

cdmaus

9:. Mcof pravgsgad ai tfgs Oadsmd t Ar`mr w gnn rmkcgd miimotgvm cd` mdiaromchnm udt

gn

stcym`. ka`gigm`, suspmd`m`. ar tmrkgdctm` hy tfm @mpcrtkmdt.

96. Da prakgsm. cssurcdom. rmprmsmdtctgad, ar ud`mrstcd`gdj atfmr tfcd tfasm

oadtc gdm` gd tfgs Oadsmdt Ar`mr fcs hmmd kc`m ta gd`uom cdy pcrty ta cjrmm ta tfm pravgsgads ai

tfm Oadsmdt Ar`mr.

GDZGPDM__ ZG-G

MXMAI

, tfm pcrtgms fcvm ocusm` tfgs Oadsmdt Ar`mr ta hm sgjdm` tfgs 37tf

`cy ai @momkhmr. 8230.

AOZMD IGDCDOGCN OAXRAXCPnAD DMZ WAXE _PCPM @MG'CXPKMDP

AI

IG

DCDOGCN _M XWGOM_

Hy

< Hy<

X A ~ ~ ~   ~ X ~

~

ngMD<

,

m

L C ; GD <O A . 5NC EW

  N   I ~

' -  K a,- K -   '<<-W '_ '

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  -

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ms g`md t ,nd` Ofg

mi

Mxmoutgvm

Aiigomr

_]Lnmrgdtmd`mdt

ai

igdcdofnn

_mrv

goms

AOZMD NACD _MXYGOGDJ, NNO

W r<Y 2{ ~

PGKAPFW

K.

FCWM_

Mxmoutg vm Ygom Rrmsg`mdt