Items Tagged with 'Ocwen'

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Is there a light at the end of the tunnel for Ocwen?

Company takes loss in 2nd quarter as it tries to move past "legacy" issues
True to its own predictions from earlier in the year, Ocwen Financial posted another loss in the second quarter, putting it on track to post a loss in 2016. But is there finally a light at the end of the tunnel for the nonbank?
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Ocwen stock soars on layoff report

Company fulfills promises to bring down costs
As first reported by HousingWire on Thursday, Ocwen decided to layoff 120 of its employees in order to move its reconstruction efforts forward. Today, Ocwen’s stock increased substantially. Here are the details.
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Ocwen lays off 120 employees as cost-cutting continues

Reduction made to 'better align resources' with current strategy
Ocwen Financial is in the midst of what it already said would be a tough year for the company. To counteract the expected losses, Ocwen said that it is undertaking several cost-cutting efforts throughout 2016. Included in those cost-cutting efforts is a reduction in the company’s staff, as HousingWire can report that Ocwen recently laid off 120 employees from various office locations throughout the U.S.
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Ocwen cleared of wrongdoing in multibillion dollar mortgage bond fight

Faced allegations of negligence from bond investors, including BlackRock, Pimco
Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans, thereby costing the investors $26 billion. Now, after a yearlong independent investigation found no evidence of the litany of allegations made by the investors, Ocwen is off the hook.
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Texas Supreme Court hands victory to Ocwen in fight over lien release

Nonbank accused of violating state's constitution by not releasing lien on time
Ocwen Loan Servicing secured a major victory in Texas' highest court recently. Seven of the nine justices on the Texas Supreme Court ruled that the state's constitution does not give a homeowner the right to repayment of their home loan amount simply because a lender did not release its lien on the home in the proper timeframe.
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PHH sinks as low interest rates destroy mortgage servicing

Just like Ocwen, Nationstar and Walter
The first quarter's historically low interest rates already pulled down the performance of Nationstar Mortgage, Walter Investment and Ocwen Financial thanks to the impact of negative adjustments to the "fair value" of each company’s mortgage servicing rights portfolio, and now PHH Corporation is joining that unfortunate list as the company posted a loss in the first quarter.
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Ocwen responds to National Mortgage Settlement foreclosure holds

Ocwen: These holds are not 'frozen foreclosures'
Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In a lengthy reply, Ocwen responded to Smith's office and the nature of the sanctions that Smith's office placed on it.
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