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Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.
Joseph A. Smith Jr., the settlement monitor, filed a report last Thursday with the U.S. District Court for the District of Columbia outlining corrective actions taken by Ocwen, which passed eight other tests.
Ocwen recently reported preliminary first-quarter earnings in which it said it does not expect to face any fines or actions from regulators that would have a material impact on its results.
In December, Smith launched an investigation of Ocwen saying he could not rely on the Atlanta servicer's...