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Ocwen Loan Servicing Settles Class Action Law Suit for $17.5 Million


Ocwen Loan Servicing recently settled a consumer protection class action lawsuit for $17.5 million for allegations that it violated the Telephone Consumer Protection Act by making robocalls to its customers without their prior express consent. Ocwen made over 100 MILLION calls to 1.2 MILLION customers, many of which violated the TCPA, which prohibits using automatic dialing equipment to call (robocall) cell phones of persons who had not given prior express consent to do so.

While $17.5 Million sounds like a lot of money for phone calls, it may be that your case – if pursued individually – would be worth significantly more than that. First of all that $17.5 Million also is used to pay the class counsel’s attorney’s fees as well as the millions of dollars used to administer the settlement. It’s estimated that each individual person who opts-in to the settlement will get about 60 dollars.

Just being a class member does not mean you are stuck accepting the limited Ocwen TCPA settlement. You can opt-out of the Ocwen settlement by filing a written request before February 19, 2018. We are happy to assist you in preparing such documents if it makes sense for you to do so. The TCPA provides for customers with valid claims to recover between $500 and $1500 for each robocall that was made without prior express consent. If you received a significant number of cell phone calls from Ocwen that you didn’t consent to (such as if they acquired your servicing rights and did not originate your loan), you may want to consider opting out of the case where you would only get $60 and pursue remedies that could be $500 per call or more.

Opting out and pursuing your own case would not cost you anything. Maginnis Law handles all consumer protection cases on a contingency basis, meaning no attorney fees are owed unless we recover funds for you, whether it’s through a settlement or a trial.

If you have been harassed by Ocwen Loan Servicing, or have received a letter alerting you to the existence of the class action lawsuit, contact Maginnis Law, PLLC to discuss your rights. If you have other issues with Ocwen, such as inaccurate mortage servicing or credit reporting, we also may be able to assist you at no cost to you. The TCPA attorneys with Maginnis Law can be reached at 919.526.0450 or through our confidential contact page.