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Monday Morning Cup of Coffee: Time to cut the MLS cord?

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Items Tagged with 'Ocwen Financial Corp.'

ARTICLES

Ocwen now in full compliance with NYSE

No longer on Late Filter list
Brena Swanson
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
Ben Lane
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"
Ben Lane
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
Ben Lane
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
Ben Lane
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”
Ben Lane
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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New Residential terminates merger agreement with HLSS; purchases company instead

New deal for $1.2 billion; servicing agreement with Ocwen extended
Ben Lane
After Home Loan Servicing Solutions was unable to meet the previously announced merger conditions with New Residential, the companies terminated the merger agreement. Instead, the companies entered into a purchase agreement, plus the relationship with Ocwen isn't going away anytime soon.
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Altisource Residential moves to pull more mortgage servicing from Ocwen

Company discusses 2015 plans in call with investors
Ben Lane
Citing a desire to decrease its reliance on a single servicer and diversify its risk, Altisource Residential revealed plans to significantly decrease its commitment to Ocwen Financial in 2015. What does it mean for the future of Ocwen?
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Altisource Residential announces new management agreement with AAMC

Will result in “substantial management fee savings”
Ben Lane
Altisource Residential and Altisource Asset Management Corporation have a complicated relationship and that complicated relationship isn't going anywhere, anytime soon, thanks to a modified asset management agreement, which the companies say will result in "substantial management fee savings."
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Ocwen offering indemnification to company directors and executive officers

Is more legal trouble imminent?
Ben Lane
By its own admission, Ocwen Financial is facing 21 pending investigations in 15 different states, is currently facing delisting by the New York Stock Exchange for delaying the release of its annual report, and has run afoul of investors and homeowners alike. Is that why it began offering indemnification to its directors and executive officers?
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