An investigation by the SEC revealed that Ocwen misstated its income for the last three quarters of 2013 and the first quarter of 2014.
Read More »CFPB Receiving Fewer Mortgage-Related Complaints on Ocwen
One reason for the turnaround in complaints could be that Ocwen is addressing the issues that the monitor pointed out.
Read More »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.
Read More »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.
Read More »Ocwen Experiences Tough Q3 Punctuated by Layoffs and $66 Million Net Loss
The good news for Ocwen is that the company ended Q3 with more than $731 million in available liquidity, including $459 million of cash on hand, and brought the amount of reduced corporate debt by 47 percent, or $812 million, year-to-date in 2015 by the end of the third quarter.
Read More »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.
Read More »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.
Read More »Ocwen’s Net Income Takes a $57 Million Hit in Q2
Faris also noted that the company sold off a large portion of non-performing servicing, reduced their corporate debt, and revealed a new cost improvement initiative.
Read More »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.
Read More »Agency MSR Deal Worth $45 Billion Finalized Between Chase, Ocwen
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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