Current Events

Maine and 20 other States take action against Ocwen.

On Thursday, April 20, 2017 the State of Maine Bureau of Consumer Credit Protection joined mortgage regulators around the country in issuing a Cease & Desist order against loan servicer Ocwen, its affiliates and subsidiaries, prohibiting the company from accepting new servicing business or originating new loans until it improves its loan servicing practices to prevent further harm to homeowners. Multi-state compliance examinations confirmed large-scale deficiencies in the company's mortgage servicing practices, including failing to properly credit consumers' payments and mis-handling of escrow accounts established to ensure timely payment of homeowners' taxes and insurance. A review of consumer complaints from Maine residents showed a pattern of deficiencies consistent with those uncovered in other states. The company has the right to appeal the Cease & Desist order.

Consumer Report Security Freezes - Bureau of Insurance Bulletin 412, Bureau of Consumer Credit Protection Advisory Ruling FCRA-AR 16-1

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Governor and Consumer Protection Officials Announce New Publication:

Report to the Legislature: Streamlining Maine's Foreclosure Prevention Program Report

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Superintendent's Notice to Interested Parties

The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection recently proposed rulemaking for Regulation Z-3. After considering comments, the Bureaus recently adopted this rule with no substantive chanages. The effective date of Regulation Z-3 is today, October 15, 2013.

Please note that the mandatory compliance dates for the federal truth-in-lending requirements incorporated by reference Regulation Z-3 are, or will be, the same as the federal mandatory compliance dates for these federal Regulation Z rulemakings.

Attached is the link to Regulation Z-3 with an effective date of October 15, 2013.

William N. Lund, Esq., Superintendent
Bureau of Consumer Credit Protection

Regulation Z-3

Consumer Credit Protection

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Consumer Credit Protection Home About us List of license types Licensee search Consumer information Industry information Laws & rules Department of Professional & Financial Regulation OTHER PFR AGENCIES Professional Licensing Insurance Regulation Financial Institutions Securities & Investment Regulation	Maine.gov > PFR Home > Consumer Credit Home Page > Current Events Current Events Maine and 20 other States take action against Ocwen. On Thursday, April 20, 2017 the State of Maine Bureau of Consumer Credit Protection joined mortgage regulators around the country in issuing a Cease & Desist order against loan servicer Ocwen, its affiliates and subsidiaries, prohibiting the company from accepting new servicing business or originating new loans until it improves its loan servicing practices to prevent further harm to homeowners. Multi-state compliance examinations confirmed large-scale deficiencies in the company's mortgage servicing practices, including failing to properly credit consumers' payments and mis-handling of escrow accounts established to ensure timely payment of homeowners' taxes and insurance. A review of consumer complaints from Maine residents showed a pattern of deficiencies consistent with those uncovered in other states. The company has the right to appeal the Cease & Desist order. Consumer Report Security Freezes - Bureau of Insurance Bulletin 412, Bureau of Consumer Credit Protection Advisory Ruling FCRA-AR 16-1 Legislative Reports Governor and Consumer Protection Officials Announce New Publication: Report to the Legislature: Streamlining Maine's Foreclosure Prevention Program Report All Legislative Reports Superintendent's Notice to Interested Parties The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection recently proposed rulemaking for Regulation Z-3. After considering comments, the Bureaus recently adopted this rule with no substantive chanages. The effective date of Regulation Z-3 is today, October 15, 2013. Please note that the mandatory compliance dates for the federal truth-in-lending requirements incorporated by reference Regulation Z-3 are, or will be, the same as the federal mandatory compliance dates for these federal Regulation Z rulemakings. Attached is the link to Regulation Z-3 with an effective date of October 15, 2013. William N. Lund, Esq., Superintendent Bureau of Consumer Credit Protection Regulation Z-3	Breaking News Current events Scams ⁄ consumer alerts Recent enforcement actions Press releases Consumer Tools Free credit report Credit file freeze information Consumer guides File a complaint Foreclosure Diversion Program Dealing with a Security Breach Licensee search and status FAQs Glossary Industry Tools Apply for a professional license Renewal Information Licensee search and status Laws, rules and advisory rulings Rosters Recent enforcement actions Loan Officer Information Educational Requirement Section Debt Management Service Provider Certification Information