Items Tagged with 'Ocwen Financial Corp.'

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SEC fines Ocwen $2 million for misstating financials; Altisource, HLSS relationships

Used flawed MSR valuation methods
Ocwen Financial will pay a $2 million fine after a Securities and Exchange Commission investigation found that the nonbank misstated it financials on several occasions by using a “flawed, undisclosed methodology” to value mortgage servicing rights that were sold to an Ocwen-associated company, Home Loan Servicing Solutions.
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Ocwen posts big loss, erasing profits for 2015

Nonbank needs a big boost to get back in black
As the company itself predicted just last month, Ocwen Financial is now in a position to record a loss in 2015, after the nonbank reported Wednesday that it generated a net loss of $66.8 million in the third quarter. Ocwen actually posted profits – albeit small ones – in the first and second quarters of this year, but those profits have been undone by Ocwen’s rough third quarter.
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Ocwen CEO gives baffled reaction to ratings rollercoaster

Upgraded by Moody’s, placed on Credit Watch by S&P
Just days receiving a bit of good news when Moody’s Investors Service upgraded its ratings, Ocwen Financial learned Standard & Poor’s placed its rankings on “CreditWatch negative.” So, what gives? Turns out the CEO of Ocwen is just as baffled by the news.
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Embattled Ocwen upgraded by Moody’s

Ratings agency says recent MSR sales will help nonbank’s future
In a new report released Wednesday, Moody’s upgrades several of Ocwen’s ratings and writes that Ocwen’s MSR sales and the proceeds of those sales can go a long way to preserving the future of the beleaguered nonbank, but cautioned that the nonbank isn’t out of the woods yet.
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Ocwen now in full compliance with NYSE

No longer on Late Filter list
Ocwen Financial Corporation is no longer on the NYSE naughty list. The nonbank financial servicer is now in full compliance with the New York Stock Exchange, finally putting the company in good graces after months of negative news.
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NASDAQ to delist Home Loan Servicing Solutions

Next shoe in New Residential deal drops
The next shoe has dropped in New Residential Investment’s acquisition of Home Loan Servicing Solutions. The company announced late Friday that it received a letter earlier in the week from NASDAQ, which stated that the stock exchange is delisting Home Loan Servicing Solutions, effective at the opening of business April 29, 2015.
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Altisource Portfolio Solutions' net income plummets 91%

Cites increased expenses related to "terminated employees and contractors"
Altisource Portfolio Solutions saw its net income plummet by 91% in the first quarter of 2015. According to Altisource’s CEO, William Shepro, the drop in income was due in part to $13.6 million in expenses “related to terminated employees and contractors and other out-of-the-ordinary items.”
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Ocwen announces amendment to its senior secured term loan

Extends deadline for delivery of audited financial statements to May 29, 2015
Ocwen Financial announced late Friday that it entered into an amendment on its senior secured term loan that will go into effect on Monday, April 20. According to Ocwen, the amendment “removes, with respect to the 2014 fiscal year, the requirement that Ocwen’s financial statements and the related audit report must be unqualified as to going concern.”
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Ocwen reports loss of $546 million in 2014

Company finally releases much-delayed 2014 results
Ocwen Financial spent the last few months preparing its investors for the bad news. And the bad news finally came early Tuesday morning. After delaying its fourth quarter and year-end financial results on multiple occasions, Ocwen disclosed Tuesday that it recorded a preliminary net loss of $546 million in 2014.
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FBR predicts: New Residential set to boom

HLSS deal, other moves place company in “Top Picks”
In the aftermath of the $1.2 billion acquisition of Home Loan Servicing Solutions, New Residential Investment is only headed one direction – up. Here's why FBR Capital Markets is calling New Residential a "Top Pick."
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