Ocwen Chairman Erbey resigns as company admits misconduct

Ocwen Chairman Erbey resigns as company admits misconduct

Company to pay $150 million to homeowners

Ocwen CEO unveils company’s new direction

Plans to exit agency servicing; increase mortgage originations

This Des Moines court case may change the Freddie, Fannie investor sweep

Judge will rule whether Continental Western Insurance has standing
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Servicing

Morningstar: True cost of Ocwen settlement far exceeds $150 million

Settlement could halt any long-term growth
Ben Lane
If Ocwen Financial thought that its regulatory troubles were over now that it settled with the New York Department of Financial Services for $150 million, the beleaguered company has another thing coming. The increased regulatory scrutiny and loss of its chairman could cripple Ocwen's growth, according to Morningstar.
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Ocwen CEO unveils company’s new direction

Plans to exit agency servicing; increase mortgage originations
Ben Lane
Now that the dust is beginning to settle on the $150 million settlement between Ocwen Financial and the New York Department of Financial Services, the company has unveiled its plans for the future. William Erbey’s departure isn’t the only big change for the nonbank.
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MERS wins in class-action suit from Minnesota counties

Court of Appeals upholds lower court’s ruling on bypassing recording fees
Ben Lane

MERSCORP has won another legal battle, but this time the challenge wasn’t over MERS’ authority to assign the mortgage. In this case, 87 Minnesota counties claimed that MERS' mortgage assignments were depriving the counties of income from recording fees.


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Colorado AG charges two more foreclosure law firms with fraud

Accused of inflating costs
Ben Lane
Attorney General John Suthers sued two foreclosure law firms, Robert J. Hopp & Associates and The Hopp Law Firm, and The Vaden Law Firm, stating that the firms overcharged consumers, for amongst other things, non-existent title insurance policies.
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Here’s what Ocwen did wrong

A deeper dive into the NYDFS allegations and settlement
Ben Lane
Many industry observers were waiting for the other shoe to drop when it came to Ocwen, and Monday it finally fell, right onto the head of William Erbey, Ocwen’s now-former chairman. A deeper look at the NYDFS investigation reveals just what Ocwen did wrong and the additional sanctions that could crush Ocwen’s business.
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What the Ocwen agreement means for Ocwen and beyond

Q&A with KBRA’s Christopher Whalen
Trey Garrison
The announcement that Ocwen Financial is admitting to wrongdoing and paying $150 million rocked the mortgage finance and servicing space. KBRA's Chris Whalen weighs in on what it means going forward for Ocwen and the mortgage industry.
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Ocwen Chairman Erbey resigns as company admits misconduct

Company to pay $150 million to homeowners
Trey Garrison
Today the chickens have come home to roost for Ocwen Financial. Executive Chairman William Erbey is resigning, and the company will pay $150 million to homeowners. Here's what it means for investors and the industry.
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OCC: Mortgage performance improves in third quarter

Delinquencies, foreclosures decline on first-lien mortgages
Trey Garrison
Mortgage activity may be slowing overall, but first-lien mortgages are continuing to show improvement. Here's how it broke out in the third quarter.
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Ocwen accused of stalling short sales

NYDFS and CFPB investigate
Brena Swanson
Ocwen just can't get out from under the spotlight of housing regulators. This time the servicer is being accused over whether it improperly stalled short sales by borrowers who owe more than their homes are worth.
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Political theater: Community groups giving HUD “Grinch of the Year” award

Advocates say distressed asset sales drive foreclosures
Trey Garrison
Get ready for a little coal in the stocking for the FHA — community groups and housing advocates are protesting the Distressed Asset Stabilization Program. Here's what will happen Thursday.
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