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Tag Archives: Ocwen

Borrower Outreach Events Proving Successful at Preventing Foreclosures

Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes. If a home retention solution cannot be worked out, often a non-foreclosure home forfeiture solution is offered such as a short sale or deed-in-lieu of foreclosure.

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Ocwen Closes Servicing Advance Securitization Worth $600 Million

The notes are used to finance the servicing advances that are used to fund RMBS investors, according to an Ocwen spokesman, who also noted that the company believes the securitization of the advances is the most efficient and lowest cost form of borrowing available to mortgage servicers.

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Ocwen’s Servicer Ratings Upgraded to ‘Positive’

One of the key rating drivers was Ocwen’s commitment to alleviate governance and operational control weaknesses within the company, which include changes to its “three lines of defense” approach to risk management, expansion of regulatory compliance and compliance testing departments.

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Ocwen Engages in Community Outreach to Help Distressed Borrowers

The Atlanta-based servicer's outreach, which is scheduled to take place in 10 cities across California, New York, Illinois, Wisconsin, and Florida, is part of Ocwen's continued effort to partner with community leaders and non-profit housing organizations to provide solutions to struggling homeowners.

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Ocwen Reacts to Recent Actions By Credit Ratings Agencies

Ocwen Financial Corp. reacted to the recent developments in the last week that included a ratings upgrade from Moody's and being placed Standard & Poor's CreditWatch list for a downgrade, with a press release on Friday in which the company's president and CEO praised the company's progress and said he was "surprised" by S&P's move.

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Agency MSR Deal Worth $45 Billion Finalized Between Chase, Ocwen

HELOC

Ocwen first announced on March 2 it had signed a letter of intent to sell the the $45 billion portfolio, which includes about 266,000 high-quality Fannie Mae loans, to an anonymous buyer. Media reports that surfaced later that week indicated that the buyer was Chase, which was confirmed on Thursday by both parties in the transaction. For Chase, purchasing the high-quality Agency loans is consistent with the New York-based bank's strategy of enhancing the quality of its mortgage business.

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