Tag Archives: Ocwen Financial

Ocwen Financial Corp announced it has entered into agreements to resolve its pending regulatory actions with 15 total states. See the details of the SEC 8K filing here.

The servicer helped homeowners through the U.S. Department of the Treasury Home Affordable Modification Program (HAMP) and proprietary modifications for homeowners who were ineligible for HAMP modification.

Ocwen has been a HAMP participant since the program’s initiation in 2009 as well as an early adopter of Treasury's streamline modification program in January 2016.

Ocwen Financial is planning more outreach events to help borrowers avoid foreclosure.

What exactly did a year-long analysis of Ocwen's servicing operations from an independent consulting firm reveal?

Ocwen Financial's activities have been the subject of much scrutiny. According to the CFPB's latest report, things may be looking up for the servicer.

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.

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.”

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.

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.