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  • Ocwen2.67-0.12 -4.30%
  • Zillow47.55+0.79 +1.69%
  • Trulia47+0 +0%
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  • Bank of America23.49-0.42 -1.76%
  • Fidelity National Financial43.84-0.16 -0.36%
  • First American44.74-0.18 -0.40%
  • Black Knight Financial Services38.85-0.25 -0.64%
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Home | Tag Archives: Ocwen

Tag Archives: Ocwen

Ocwen Ratings to Remain Despite Sale

Fitch Ratings has opted to keep Ocwen Financial Corporation’s ratings as-is—both on its servicing and its bonds—despite the servicer’s recent MSR sale. Announced last month, Ocwen will sell its mortgage servicing rights, along with $117 billion in unpaid principal balance, and become a sub-servicer of New Residential Investment Corporation. Regardless of the sale, Fitch has announced Ocwen will keep its “Negative” residential primary servicer rating.

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Five Minutes With Patrick Cox

Patrick Cox is SVP of Default Servicing at Ocwen Financial Corporation, where he is responsible for all the foreclosure and bankruptcy activities of the firm. He previously served as SVP of Default Servicing at ServiceLink LoanCare Servicing, VP of Late Stage Default and Foreclosure at HSBC Consumer and Mortgage Lending, and Manager of Operations at Global Service Centre. He holds an MBA from the University of Florida and a bachelor’s in Finance and Marketing from Florida State University.

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CFPB Attempts to Deny Constitutionality Ruling Fast-Track

The CFPB attempted to block Ocwen’s expediting attempt by telling a Florida federal court to deny Ocwen’s attempt at fast-tracking its constitutional challenge against the agency’s structure. Ocwen had previously stated its opinion of the CFPB’s structure, saying in a release that it “believes that the CFPB is unconstitutionally structured, because it vests too much unfettered power in the hands of the CFPB’s Director and the Bureau itself, without any meaningful oversight by the President or Congress”

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Ocwen Sees Net Loss, Servicing Up in Q1

According to preliminary operating results, Ocwen Financial Corporation lost an estimated $32.6 million—or $0.26 per share—for the first quarter of 2017. The loss pales in comparison to Q1 2016, when Ocwen reported a net loss of more than $111 million. Ocwen’s servicing segment reported $3.1 million in pre-tax income—up nearly $70 million from Q1 2016. Lower legal fees, a rise in MSR Fair Value, and fewer indemnification payments helped drive the jump in servicing income.

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Ocwen Shares Reach Peak Point

Ocwen is finally getting some good news. The servicer's stock has spiked since a recent acquisition announcement by New Residential Corporation, which will purchase a portion of Ocwen’s mortgage servicing rights for the next five years. Ocwen stock rose as high as 46 percent following the announcement, reaching $3.32 per share at its peak.

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Deadline Approaches for Shareholders to Pursue Claims Against Ocwen

According to Tripp Levy, Ocwen has made public statements to its shareholders that were false and misleading. The firm stated that the deadline for investors to make their claim is approaching, as it mounts a class-action law suit on behalf of shareholders who purchased shares of Ocwen during the period between May 11, 2015 and April 19, 2017. In reaction to recent allegations, Ocwen has responded: "Under these circumstances, Ocwen has a responsibility to its customers, shareholders, and employees to vigorously defend the Company."

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Ocwen Files Motions Against CFPB

Ocwen has filed three motions against the CFPB in hopes of speeding up a Circuit Court of Appeals decision on the Bureau's constitutionality. The motions arrive on the back of a recent suit filed by the CFPB against Ocwen on April 21. The suit alleged Ocwen committed errors throughout the servicing process and improperly foreclosed on at least 1,000 homeowners.

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Ocwen Files Restraining Order, Receives New Fitch Rating

Ocwen Financial filed two emergency motions requesting the immediate court action restraining the cease and desist order brought by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Commissioner of Banks of the Massachusetts Division of Banks. The recent events have caused Fitch to give Ocwen a new rating.

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Ocwen MSR Block May Soon Be Lifted

According to the latest Consent Order from the New York Department of Financial Services, Ocwen may be one its way to once again acquiring mortgage servicing rights. The financial institution has been blocked from doing so for more than three years, since NYDFS began investigating its portfolio in February 2014. Ocwen is one of the country’s largest non-bank lenders.

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