Mortgage loan subservicer taps 30-year industry veteran for new role, overseeing both the internal QC team, and outsourced vendors, establishing objectives to drive the execution of Cenlar’s QC program.
Read More »Cenlar Names Five New Directors and Promotes Three Execs
Ewing, New Jersey-based mortgage subservicer names S. Courtney Collier-Beyer, Ajanta Jain, William Keller, Austin Stoop, and Terry Webb to new Director positions, while promoting Jacob Foerter, Andrea Leisten, and Laura Ann Pontelandolfo to new roles.
Read More »Ocwen to Pay $2.1 Billion to 49 States
The California Department of Business Oversight, along with 48 other states, reached a settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, according to a press release issued by the department. The $2.1 billion settlement was in response to violations regarding mortgage servicing laws.
Read More »Altisource to Buy Fee-Based Businesses from Ocwen for $218.6M
Altisource Portfolio Solutions announced it is purchasing certain fee-based businesses from Ocwen Financial for a combined purchase price of $218.6 million. According to a company release, Altisource entered into non-binding letters of intent with Ocwen to acquire certain fee-based businesses related to the servicer's recent purchase of Homeward Residential and the anticipated purchase of the mortgage servicing platform from Residential Capital.
Read More »Fitch Puts Ocwen on Negative Watch, Cites Risks after Acquisition
Ocwen made some waves when it announced an agreement to acquire Homeward Residential Holdings in a nearly $750 million deal, but Fitch Ratings is doubtful about the move. The ratings agency announced it has placed Ocwen's ""B"" long-term Issuer Default Rating (IDR) on Rating Watch Negative following the servicer's announcement. Fitch cited in its decision the risks of various difficulties involved in the integration of Homeward Residential, as well as the current regulatory environment in the mortgage sector.
Read More »Ocwen Enters Agreement to Buy Homeward Residential for $750M
Ocwen Financial Corporation will purchase Homeward Residential Holdings, Inc. for $750 million, Ocwen announced Wednesday in a release. Ocwen will buy the Dallas-based servicer and originator from private equity firm WL Ross & Co. The breakdown for the transaction includes $588 million in cash and $162 million in Ocwen convertible preferred stock.
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