In the SEC filing, Ocwen said there can be no assurance to how many shares it will repurchase at any given period under the share repurchase program, if any at all are purchased.
Read More »Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’
The class action suits claim the insurance policies were automatically issued to homeowners at rates approved by lenders, which were much higher than market rates. Homeowners claim they did not have a choice in the matter, hence the term “forced placed insurance.”
Read More »Monitor: Ocwen Failed Four Metrics in Compliance Test for Second Half of 2014
Ocwen Financial Corporation failed four metrics and was deemed to have failed seven others in an independent settlement monitor’s review of the servicer’s entire residential mortgage loan portfolio covering the second half of 2014, according to the monitor’s report filed with the U.S. Court for the District of Columbia on Thursday.
Read More »Freddie Mac Completes Largest Deeply Delinquent Loan Sale Ever at $1.1 Billion
Approximately 33 percent of the aggregate pool balance consisted of loans that were modified and later became delinquent. The aggregate pool has a loan-to-value ratio of approximately 91.1 based on broker price opinion and is geographically diverse, according to Freddie Mac.
Read More »Federal Judge Dismisses Two Fraud Lawsuits Against Ocwen
U.S. District Judge William Dimitrouleas in the U.S. District Court, Southern District of Florida, dismissed lawsuits filed by Ocwen Financial shareholders and Altisource Portfolio Solutions shareholders accusing the Atlanta-based servicer of fraud.
Read More »Ocwen Enjoys Favorable Week With Wells Fargo Outcome
Thursday's outcome of the Wells Fargo vote stood in contrast to what happened in February, when Wells Fargo bondholders ousted Ocwen from two mortgage servicing deals after a downgrade of Ocwen's ratings.
Read More »Monitor Finds Ocwen’s IRG Issues Have Been ‘Sufficiently Addressed’
Smith announced Tuesday he had filed his final report with the U.S. District Court for the District of Columbia on the investigation of Ocwen's IRG and of Ocwen's compliance with the NMS for the first and second quarters of 2014.
Read More »S&P Downgrades Ocwen’s Ratings to ‘Below Average’
One of the reasons why Ocwen expressed surprise and disappointment at S&P's decision to downgrade its rankings was the recognition the servicer received from Moody's earlier this month, which were prompted largely by sales of nearly $100 billion in Agency mortgage servicing rights portfolios this year.
Read More »Ocwen To Use Money From MSR Sales to Pay Part of Senior Secured Term Loan
One month later, Ocwen announced that they were selling another MSR portfolio with $25 billion in UPB to Nationstar Mortgage. Together, the two MSR deals between Ocwen and Nationstar included about 223,000 residential mortgage loans with $34.8 billion in UPB.
Read More »Judge Dismisses Class Action Racketeering Suit Against Ocwen
The homeowners claim that Ocwen charged them for unnecessary repeat inspections properties where the borrower was either delinquent or in default, and by doing so they claim Ocwen was in violation of Fannie Mae's servicing guidelines that require individual cases to be assessed to determine if the properties are in need of subsequent inspections after the first.
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