Tag Archives: Ocwen

The United States was hit hard by the housing crisis. Here’s how financial services holding company Ocwen is working to help families save their mortgages and stay in their homes.

In April 2017, many state business regulators issued regulatory enforcement orders to subsidiaries of Ocwen, but now the company has reached with more than half and has announced the selling off of their wholesale forward lending business.

Ocwen Financial Corporation released the results of its loan modification borrower assistance program for the first half of 2017, allows for a mortgage payment reduction of up to 20 percent to qualified borrowers, and an option for principal forgiveness.

Ocwen looks to be on the rebound, according to its recently announced operating results for the second quarter of 2017, even though the company reported a loss.

As a part of its “Summer of Help & Hope” series, this Sunday, July 29, Ocwen Financial Corporation along with the National Association for the Advancement of Colored People (NAACP) and NID Housing Counseling Agency (NID) will host an event for Miami area homeowners who are currently struggling with their mortgage.

Ocwen Financial Corporation is partnering with another servicer according to a joint press release issued on Monday, which announced the two companies have put pen to paper on a deal that was originally discussed back in May.

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.

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.

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”

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.