Ocwen Sues FIS Over Alleged Inflated Billing

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: Scott Morgan Fidelity Information Services mortgage servicing 2017-05-30 Scott Morgan Demand Propels Home Prices Upward 2 days ago May 30, 2017 8,006 Views in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Savecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Ocwen Sues FIS Over Alleged Inflated Billing The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: Fidelity Information Services mortgage servicing Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Ocwen Financial Corp. has filed a lawsuit in California Superior Court alleging that Fidelity Information Services LLC (FIS) inflated its monthly rate and charged Ocwen for a variety of expenses while serving as its monitor for a 2015 mortgage servicing settlement case.According to the filing, Ocwen alleges that FIS wasted an agreed to $44.8 million budget through “fraudulent or negligent misrepresentations in its monthly invoices to Ocwen”. The suit also claims “whenever Ocwen questioned the legitimacy of FIS’s invoices or confronted FIS about their increasing enormity, FIS reiterated its misrepresentations that the hours and expenses reflected on the invoices were legitimately worked and incurred.”Because FIS held fast that its invoices were legitimate, “FIS induced Ocwen to continue to pay millions of dollars for work that was not performed,” the filing stated. Ocwen alleges that FIS did so because the monitor felt that it had “free reign to lie to Ocwen without consequence.”The suit orbits a 2015 settlement against Ocwen for alleged impropriety in its mortgage servicing practices. The California Department of Business Oversight ordered Ocwen to conduct a two-year review of its business and named FIS as the agency to do the review. FIS proposed the nearly $45 million budget to review as many as 50,000 loan files.“Each time FIS submitted an invoice to Ocwen, FIS represented that the amounts reflected hours actually worked in support of the review and expenses reasonably incurred and for which FIS was entitled to be reimbursed,” the filing states. “Those representations were false.”Ocwen alleges that FIS routinely submitted false, fraudulent, and improper invoices, featuring “dramatically inflated hours” that FIS and its contractors did not actually work. The suit claims FIS and its associates took as many as 14 breaks per day that were still billed to Ocwen, as well as “implausible” hours (as many as 16 a day).Ocwen also alleges that FIS billed them for expenses that either were never incurred or “reflected attempts by FIS associates to reimburse themselves for personal or other unallowable expenditures.” Ocwen claims FIS employees tried to write off employee visits to strip clubs; purchases of liquor and groceries for personal use; trips to casinos; and hotel expenses.“As a direct result of FIS’s fraudulent charges and artificially-inflated invoices,” the filing stated, “FIS ran through the $44.8 million budget for the entire two-year review in just 11 months, while delivering less than half of the work it was hired to do. FIS was on pace to charge Ocwen $120 million—nearly triple the project budge Ocwen Sues FIS Over Alleged Inflated Billing Previous: Home Prices Hit New Peak Next: Appraisal Software Now a New Mobile Application Subscribelast_img read more

JUDGE ISSUES WARRANT FOR ARREST OF HUSBAND WHO HASN’T PAID MAINTENANCE

first_imgA JUDGE has ordered the arrest of man who hasn’t made payments towards his ex-partner and their children.The woman in the case told Judge Paul Kelly that arrears of €16,800 was now outstanding.Despite numerous legal letters to the man, he has failed to appear before Carndonagh District Court. Judge Paul Kelly asked if the man was in court, but he wasn’t.The judge then told the woman that all he could do at this stage was to order his arrest; and he issued a bench warrant for the man’s arrest.JUDGE ISSUES WARRANT FOR ARREST OF HUSBAND WHO HASN’T PAID MAINTENANCE was last modified: October 26th, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:arrestCarndonaghGavelmaintenancelast_img read more

Boost for black-owned firms in SA

first_imgDTI’s deputy minister Bongi Ntuli believesthe scheme will empower black-ownedbusinesses. (Image: Bongani Nkosi)Black-owned emerging businesses are set to receive a welcome boost from a revised empowerment scheme recently introduced by government.The Department of Trade and Industry (DTI) relaunched its Black Business Suppliers Development Programme in Pretoria on 28 July. It will offer financial support to small and medium-sized enterprises (SMEs) through a grant-application process.The programme was initially launched in 2002 and has already given grants to more than 9 600 local companies. The revised one will focus more on funding machinery and other equipment required by black-owned firms. It is partially funded by the European Union Job Creation Fund.Operating on a cost-sharing agreement, the DTI will cover 35% of machinery and equipment expenses. It is also offering up to R800 000 (US$110 000) for tools and an additional R200 000 ($27 000) for corporate development.As part of the country’s Broad-based Black Economic Empowerment policy, the programme is targeted at businesses that are more than 50% black-owned and all-women teams. The term “black people”, according to the policy, refers to coloured, African and Indian South Africans – all of whom were excluded from meaningful participation in the country’s economy during apartheid.Companies from all sectors with a current annual turnover of between R500 000 ($69 000) and R35-million ($4.8-million) qualify for funding.The programme will ensure that “small black businesses with potential are given the necessary assistance to grow their enterprises and become more competitive”, said the DTI’s deputy minister, Bongi NtuliThe success of the programme will be measured by the growth of the funded companies in terms of winning major government and private-sector tenders, jobs created and annual profits.“The launch represents a milestone in our efforts to support sustainable black businesses and small businesses in general,” said Tsepiso Makgothi of the DTI’s enterprise organisation division.Role played by World BankThe revised programme will have a trial run from 1 September 2010, with applications open until 15 November. During this period the DTI will be targeting 2 500 enterprises across the country.“The idea is to get as many applications as possible during these two months so that the process starts from there,” said Francisco Campos, a World Bank official who’s helping the DTI implement the programme. The World Bank’s role is purely to provide assistance – there is no financial involvement.If the target is reached, “applications will be closed for the time being”, Campos said.The programme will be piloted for 18 months until government launches the final version, which will allow time for improvements to be made, he added.“I am confident that that whatever teething problems we find will be addressed in this pilot phase,” said Ntuli.Since the initial launch in 2002, the DTI has set up a well-staffed unit to manage the programme. This, together with the new focus on funding equipment, will help the department better meet grant-applicants’ needs.“The new one is far bigger, far better. We believe it will benefit the SMEs,” said Dr Meshack Khoza, CEO of Fresh Thinking Capital, a company that conducted a study on the scheme progress since 2002.Nation-wide focusThe DTI is hoping to reach companies from all over the country, even those in rural areas. It will embark on a massive drive to get the word out.“There will be workshops throughout the country to create awareness,” said Campos.The department has contracted facilitators in all nine provinces to run the workshops. “We’re relying on our facilitators to spread the message,” said Makgothi. “We’ll go throughout the country to inform people so that when we launch it by 1 September, they know about it.”Although the World Bank is not funding the programme, it will monitor how the scheme is being implemented and conduct a study on it. Part of World Bank’s role is to ensure fairness and transparency in the roll-out process.Campos said they aim to guarantee that “no one is excluded on the basis of not knowing anyone” and that “everyone has an equal chance” to get funding.More beneficiaries since 2002The programme began with just four beneficiaries in 2002, but over the years has provided financial support for 9 663 businesses. With about 52% of these being majority-women-owned, the scheme is ensuring that “more and more people have an opportunity to participate in the economy,” said Makgothi.last_img read more