Defendant Name: Home Loan Servicing Solutions, Ltd.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: G6648D10

Initial Case Details

Legal Case Name In the Matter of Home Loan Servicing Solutions, Ltd.
First Document Date 05-Oct-2015
Initial Filing Format Administrative Action
File Number 3-16882
Allegation Type Issuer Reporting and Disclosure
AAER 3713

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 05-Oct-2015
Headline Total Penalty and Disgorgement $1,500,000

Related Documents:

34-76074 05-Oct-2015 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On October 5, 2015, the SEC instituted settled cease-and-desist proceedings against Home Loan Servicing Solutions, Ltd. (HLSS). The SEC alleged: "This matter involves two sets of misstatements made by HLSS from 2012 to 2014, one concerning related party transactions and the other concerning valuation of company assets. First, HLSS inaccurately disclosed that it had policies governing conflicts of interest inherent in related party transactions, which included the recusal of its Chairman of the Board (the 'Chairman') from negotiating and approving transactions with related parties such as Ocwen Financial Corp. ('Ocwen'), for which the Chairman also served as Executive Chairman. Second, HLSS's erroneous valuations of its primary asset, contributed to HLSS misstating its financial results for the years 2012 and 2013 and the first quarter of 2014. These misstatements resulted from an internal accounting controls failure that allowed the company to adopt a valuation methodology that did not conform to U.S. Generally Accepted Accounting Principles ('GAAP')."
2015-230 05-Oct-2015 Press Release--Administrative Proceeding
SEC Charges Home Loan Servicing Solutions for Misstatements and Inadequate Internal Controls
On October 5, 2015, the SEC announced that it, "charged Home Loan Servicing Solutions Ltd. (HLSS) for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls."

Related Actions:

In the Matter of Ocwen Financial Corp.
Ocwen Financial Corp.