Items Tagged with 'Ocwen'

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From HW Magazine

Global reach: Exploring the risks and rewards of offshore mortgage servicing

Do perks outweigh the pitfalls?
Sometimes offshoring sounds like a bad word. In reality, offshore mortgage servicing simply means using remote staff, usually to take advantage of lower labor and overhead costs and round-the-clock staffing availability. But legitimate questions remain. In the midst of increasing compliance pressures, is offshoring a sound strategy for mortgage servicers looking to stay competitive, or a fast track to dissatisfied customers and trouble with the CFPB?
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Ocwen ties that bind? Altisource Residential adds former HLSS exec

Michael Lubin will also serve as senior vice president of AAMC
In another sign that the relationship between Ocwen Financial and its affiliated companies, Altisource Portfolio Solutions, Altisource Residential Corporation, Altisource Asset Management Corporation, and Home Loan Servicing Solutions, will always be complicated, Altisource Residential and Altisource Asset Management announced Friday that Michael Lubin is joining both companies. Lubin joins from Home Loan Servicing Solutions.
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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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CFPB: Complaints about Ocwen keep falling

Only one in top 10 most-complained-about companies that saw complaints drop
Long the target of regulators and consumers due to its mortgage servicing practices, Ocwen Financial finds itself in a unique position in a new report from the Consumer Financial Protection Bureau: Complaints against the much-maligned nonbank keep falling.
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BofA, Chase, Citi, Ditech, SunTrust, Wells Fargo pass servicing compliance tests

National Mortgage Settlement Monitor: Servicers compliant with NMS rules
Nearly all of the mortgage servicers that are subject to the terms of the National Mortgage Settlement achieved complete compliance with the NMS’s servicing rules in the first half of 2015, according to a new report from Joseph Smith, the Monitor of the National Mortgage Settlement.
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New Mexico homeowners targeted by fake 'Ocwen' loan modification scam

State issues warning on fraudulent 'Making Home Affordable' scheme
New Mexico’s Attorney General issued a warning to the state’s citizens recently, advising them to be on guard for a “dangerous new scam” that supposedly offers a “Making Home Affordable” mortgage modification from Ocwen Financial. But the letters are not from Ocwen – and there are no modifications to be had.
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CFPB: Complaints against Ocwen are falling

Nonbank showing improvement in consumer complaints
Perhaps constantly being under the microscope of regulators is having a positive impact on Ocwen Financial and its standing with its customers. According to a new report from the Consumer Financial Protection Bureau, complaints about Ocwen dropped by a significant margin in the last year.
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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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