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Items Tagged with 'Ocwen'

ARTICLES

Fitch now has “positive” outlook for Ocwen’s servicer ratings

Cites operational improvements in wake of NYDFS settlement
Ben Lane
Mere days after Standard & Poor’s cut the servicer rankings of Ocwen Loan Servicing from “average” to “below average," citing a “deficient” internal controls environment that has not kept pace with the company’s growth, the Ocwen Financial ratings roller-coaster continues.
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S&P cuts Ocwen’s servicer rankings to “below average”

Internal audit results reveal “high-risk findings” in key areas
Ben Lane
Citing a “deficient” internal controls environment that has not kept pace with the company’s growth, Standard & Poor’s downgraded the servicer rankings of Ocwen Loan Servicing from “average” to “below average.” Click through to read more.
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Altisource Residential CEO Ashish Pandey stepping down

Current president George Ellison to take over July 1
Ben Lane
Ashish Pandey, who has served as the chief executive officer of Altisource Residential Corporation since the company was spun off from Altisource Portfolio Solutions in 2012, is stepping down. According to a release from the company, Pandey is leaving Altisource Residential to “pursue personal interests” in India.
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Moody’s: Ocwen’s servicer ratings no longer on verge of downgrade

Completes review of Ocwen’s ratings
Ben Lane
Perhaps the shaky ground on which Ocwen Financial has subsisted on for the last few months is finally beginning to stabilize, because, for the second time this month, Moody’s Investors Service issued a positive report on the beleaguered nonbank.
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California selects independent auditor to oversee Ocwen’s operations

Oversight dictated by terms of settlement between California and Ocwen
Ben Lane
The State of California announced Wednesday that it has chosen the company that will serve as the independent auditor tasked with oversight of Ocwen Financial and its operations in the state, as stipulated by the terms of the settlement between California and Ocwen because the company failed to turn over documentation showing that it complies with the state’s laws.
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Ocwen pays down more debt with MSR sales proceeds

Continues in stated plan to deleverage
Ben Lane
Ocwen Financial announced Wednesday morning that it is using the proceeds of a sale of mortgage servicing rights to pay down a portion of its senior secured term loan. The pay down is the latest in Ocwen's push to deleverage itself, a development that some view as a positive for the company's future.
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Ocwen CEO gives baffled reaction to ratings rollercoaster

Upgraded by Moody’s, placed on Credit Watch by S&P
Ben Lane
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
Ben Lane
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 closing residential servicing operations in Houston

Facility was company’s smallest call center in U.S.
Ben Lane
Ocwen Financial announced Wednesday that after conducting a “strategic review” of its operations, the company is shutting down its residential mortgage servicing operations at its facility in Houston. The decision to shutter the call center will affect 140 residential servicing employees, whose positions will be eliminated.
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It's official: NYDFS Superintendent Ben Lawsky stepping down

4 years as leader of “long reach” New York financial regulator
Trey Garrison
Rumors that Lawsky would be stepping down have been circulating since November, but today’s announcement made it official. The man lauded as an exceptional financial regulator in some quarters, and a thorn in the side of the mortgage industry in others, is now moving on.
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