Ocwen will stop using mortgage gag orders

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Reuters reports Ocwen Financial ([[OCN]] +1.2%) will stop the practice of requiring homeowners promise not to say anything disparaging about the company in. Ocwen pops on report over gag orders.

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As TIME’s own Massimo Calabresi noted when the revisions. (That is, some homeowners who can pay their mortgage might decide to stop in order to convince their bank to modify their loan.) To that,

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The mortgage on my personal residence was just sold by GMAC to Ocwen. I’m pretty nervous because there’s tons of horror stories on the web about OcwenThe mortgage on my personal residence was just sold by GMAC to Ocwen. I’m pretty nervous because there’s tons of horror stories on the web about Ocwen

It was the end of a process that started with their defaulting in 2009.. Mortgage payment collectors at companies including Ocwen, Bank of America Corp. These clauses can hurt borrowers who later have problems with their. Gag orders and bans on suing are appearing when borrowers use litigation to.

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An embattled mortgage servicer was allegedly forcing homeowners to sign a. they could lose their mortgage modification and end up out on the street.. ” Reports that Ocwen is imposing a gag rule for certain struggling. gag orders Wednesday, according to a person directly familiar with the investigation.

[Update 1: Ocwen reaction added.] Ocwen Financial (OCN) reached an agreement with the New York Department of Financial Services, saying that it would stop using gag orders on mortgage modifications.

Also stopped using a huge electronic mortgage trading firm that’s under scrutiny. Citi Stopped using a Florida law firm that’s under investigation in foreclosure cases, but has no plans to stop.

Gag orders and bans on suing are appearing when borrowers use litigation to settle foreclosure and loan modification cases. But they are also popping up when servicers modify loan terms outside of the courts, known as "ordinary loan modifications," according to consumer lawyers.

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