Backdating letter dating boredom
In an effort to attract investors, mutual funds will offer shareholders a breakpoint schedule that will reduce the sales charge for larger investments into the fund.
Five months elapsed before the same employee raised the issue again in April 2014.ET - statement at bottom of story regarding the number of borrowers.] New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial (OCN) has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.” Ocwen has been in Lawsky’s crosshairs since February, when it put a .7 billion mortgage servicing rights deal between Ocwen and Wells Fargo (WFC) on an indefinite hold.“In the course of the Department’s review of Ocwen’s mortgage servicing practices, we have uncovered serious issues with Ocwen’s systems and processes, including Ocwen’s backdating of potentially hundreds of thousands of letters to borrowers, likely causing them significant harm,” Lawsky says in the open letter to Ocwen general counsel Timothy Hayes, a copy of which was sent to Housing Wire.“We are directing the Monitor to share its findings with Ocwen so that Ocwen may better understand the severe nature of its own problems,” Lawsky writes.“The stakes for borrowers and investors are enormous.
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We are continuing to review the rest of the cases.” A full copy of the Lawsky letter can be read here.