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Home | Tag Archives: Ocwen

Tag Archives: Ocwen

Altisource Shares Rise as CEO Reassures Firm’s Investors

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In a conference call hosted ahead of Altisource's fourth-quarter earnings release, CEO William Shepro acknowledged that 2014 was "a trying time" for the firm's investors and employees as shares plunged nearly 80 percent. The company's troubles last year can be traced to its relationship with Ocwen Financial Corp., which has faced a growing amount of scrutiny from federal and state regulators related to its growth and operations.

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California Agency Seeks to Suspend Servicer’s Mortgage License

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Losing California would be a big blow to Ocwen, which serviced more than 378,000 home loans in the state valued at $95 billion unpaid principal balance as of Q3 2014, according to MarketWatch. Shares for the company plummeted in early trading Tuesday, falling off by more than 33 percent before ticking back up slightly. With the latest news, Ocwen is off to a less than promising start to 2015 after concluding what was a rocky 2014

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Industry Professionals Weigh In On Ocwen Settlement

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On Monday, the Atlanta-based firm—one of the biggest mortgage servicers in the nation and the largest subprime servicer—announced it had agreed to pay $150 million for homeowner relief over allegations it conducted improper foreclosure procedures, used outdated and conflicting systems in managing its portfolio, and was involved in transactions with related companies that constituted conflicts of interest.

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Monitor Expresses Doubts About Servicer’s Internal Review Group for Settlement

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Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process." The investigation included interviews with nine company executives and employees and a review of thousands of documents, he said. The monitor also said that he has taken steps to strengthen the review process of all servicers' review groups, including adding employee interviews, additional reviews at various steps in the testing process, and the establishment of an ethics hotline so that whistleblowers can easily and anonymously report concerns.

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Ocwen Hit with Class Action Suit

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A Pennsylvania law firm announced Wednesday it has filed a class action lawsuit against Ocwen, claiming the company misled shareholders about its practices and earnings. In a complaint filed with the U.S. District Court for Southern Florida, the Law Offices of Howard G. Smith, a firm focused on representing investors, accused the Atlanta-based mortgage company of failing to disclose to its shareholders that its servicing practices "violated applicable regulations and laws" and that its executives were involved in funneling millions of dollars in fees through Altisource Portfolio Solutions, a related company.

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Ocwen to Pay $3.7M to Massachusetts Homeowners

Ocwen, the nation's fourth largest mortgage servicer, has agreed to pay $3.7 million to resolve allegations that it failed to give notice to homeowners, and that the company unlawfully foreclosed on properties in Massachusetts. The announcement came from the state's Attorney General Martha Coakley, who alleged the non-bank servicer failed to follow Massachusetts law when handling certain mortgage loans.

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Ocwen No Longer Requiring Gag Orders on Loan Mods

Mortgage Debt Relief

In a report originally in Reuters, Ocwen will stop requiring gag orders, which disallowed some homeowners from criticizing the company publicly in exchange for having their loan terms modified, according to New York State's Superintendent of Financial Services Benjamin Lawsky.

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