Audit of Ocwen Federal Bank's Servicing of RTC Mortgage Trust

AUDIT OF OCWEN FEDERAL BANK’S SERVICING OF RTCMORTGAGE TRUST 1994Audit Report No. 99 -010 12, 1999Material has been redacted from thisOFFICE OF AUDITSOFFICE OF INSPECTOR GENERALconfidential or privileged information.document to protect personal privacy,February-S210106188321161147158691412TABLE OF CONTENTSBACKGROUNDOBJECTIVE, SCOPE, AND METHODOLOGYOCWEN’S MONTHLY REPORTS, ACCOUNTING SYSTEM, AND SOURCEInadequate Support for Trust ReceiptsInadequate Support for Trust Accounting Entriesnual Accountant’s Reports Were Not Prepared[Management Responses to Recommendations Appendix III:Corporation Comments Appendix II: Involved in Owning, Managing, and Servicing Trust Assets Entities Appendix I:APPENDIXESCORPORATION COMMENTS AND OIG EVALUATIONCONCLUSIONS AND RECOMMENDATIONSmaterial redacted]Partnership and Servicer Certificates Were Delinquent and IncompleteAnOCWEN DID NOT COMPLY WITH TRUST REPORTING REQUIREMENTS-SERVICING FEES ASSETOCWEN MADE UNALLOWABLE DISBURSEMENTS FOR LEGAL ANDInadequate Support for Trust DisbursementsFOR TRUST RECEIPTS, DISBURSEMENTS, AND ACCOUNTING ENTRIESOCWEN DID NOT PROVIDE ADEQUATE SUPPORTING DOCUMENTATIONDOCUMENTS DID NOT RECONCILERESULTS OF AUDIT9175212-S2Major Entities Involved in RTC Mortgage Trust 1994 Figure 1:FIGUREAnnual Partnership and Servicer Certificates Table 3:sements Not Adequately Supported Trust Disbur Table 2:Receipts and Disbursements Recorded and Amounts Reviewed Table ...