California regulators are looking for an independent, third-party auditor to monitor Ocwen Loan Servicing's compliance with a recent settlement.

Last month, the mortgage servicer's embattled parent, Atlanta-based Ocwen Financial, agreed to pay $2.5 million to California regulators for failing to provide documents showing it was in compliance with state mortgage lending laws. As part of the settlement, Ocwen agreed to pay for an independent auditor chosen by the state.

The California Department of Business Oversight is accepting applications until Feb. 20 from firms or individuals with experience with the California Residential Mortgage Lending Act and California Homeowner Bill of Rights.

To avoid any perceived conflict of interest, applicants must disclose any previous contacts with Ocwen, its affiliates or subsidiaries.

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