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Tag Archives: Ocwen

Ally Bank Agrees to Sell MSRs to Ocwen for $585M

Ally Bank, a subsidiary of Ally Financial, announced an agreement to sell mortgage servicing rights (MSRs) to Ocwen Financial Corporation for $585 million. The transaction includes MSRs with an unpaid principal balance of $85 billion and another $5 billion in agency MSRs created based on commitments made through the end of February. ""Ally continues to make significant progress in exiting its non-strategic mortgage activities. Going forward, the Bank's full focus and resources will be centered on its leading direct banking franchise and advancing its customer-centric deposit activities, as well as continuing to grow its key role in Ally's auto finance operation,"" said Barbara Yastine, president and CEO of Ally Bank.

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Sale of ResCap’s Servicing Platform to Ocwen Completed

Residential Capital, LLC (ResCap) announced it has completed the sale of its servicing platform assets to Ocwen Loan Servicing, LLC. Ocwen won an auction for ResCap's mortgage servicing and origination assets in a joint bid with Walter Investment Management Corp.

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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.

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Ocwen Required to Hire Monitor after a Review of Its Servicing Practices

A review of Ocwen's mortgage servicing practices has found indications of non-compliance with recent servicing reforms, New York's Department of Financial Services announced. The exam found that Ocwen sometimes failed to provide a single point of contact for borrowers, pursued foreclosure actions on borrowers seeking loan modifications, failed to conduct an independent review of loan mod denials, and failed to ensure that borrower and loan information was accurate and up to date. Following the examination, the department is now requiring that Ocwen hire an independent monitor to review its operations and identify and report on corrective actions.

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Ocwen, Walter Investment Receive Court Approval for ResCap Bid

Ocwen Loan Servicing, LLC and Walter Investment Management Corp. announced the U.S. Bankruptcy Court for the Southern District of New York approved their bid for Residential Capital, LLC (ResCap). In October, Ocwen and Walter Investment won a bid priced at $3 billion for ResCap’s mortgage servicing and originations businesses. The transaction is expected to close in the first quarter of 2013, according to the announcements.

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Mortgage Daily Releases Q3 List of Top 10 Servicers

Mortgage Daily released a list of the top 10 servicers based on portfolio size as of September 30. However, Mortgage Daily says spots 4-6 on the third quarter list could change due to recent acquisitions from Ocwen Financial Corporation, Nationstar Mortgage, and Walter Investment Management. For now, top servicers on the list were Wells Fargo, Bank of America, Chase, Citigroup, and U.S. Bank. Ocwen, which is not on the top 10 list, is expected to move into a top five position.

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Ocwen Reports Record-Setting Revenue in Q3

After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million in Q3 2012, a sharp increase from the same quarter a year ago when net income was a reported $20.2 million. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million.

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Ohio Foreclosure Agency Honors Ocwen CEO

The president and CEO of Ocwen Financial Corporation was honored recently at an annual gala hosted by Empowering and Strengthening Ohio's People (ESOP), a HUD-approved foreclosure prevention agency.

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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.

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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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