Items Tagged with 'Ocwen'


Ocwen facing CFPB investigation, potential fine for servicing practices

Nonbank discusses dealings with CFPB in SEC filing
It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company said Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action.
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Ocwen returns to profitability for first time since Q2 2015

Sets aside additional $10 million for settlement with California
Earlier this year, when Ocwen Financial reported a net loss for the second quarter, marking its fourth straight quarter of taking a loss, the company’s executives said that despite the “legacy” issues Ocwen faced, they believed the company was on a path back to profitability. What they didn’t say is just how long it would take the nonbank to get back into the black. As it turns out, it only took one quarter.
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Altisource Origination Services rebrands as Trelix

Will launch new tech platform in 2017
Altisource Origination Services announced today it is leaving the Altisource name behind, and rebranding itself as Trelix. The name change is more than just a name change, according to the company president, who calls it the next step in the company's evolution. The company will also make another announcement in 2017 introducing its new technology platform.
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Compass Point: Buy Ocwen now, company is ready to grow

Financial analyst upgrades nonbank, raises price targets
Things are looking up, just a bit, for Ocwen Financial. As a result of some recent moves, Ocwen’s stock rose over the last few months, and according to a new report from Compass Point Research & Trading, the stock is going to continue to rise and the time to buy is now.
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ICYMI: Ocwen given OK to move forward on 17,000 foreclosures

What happened with Metric 31?
In case you missed it, in the most recent third and fourth quarter 2015 oversight report from Joseph Smith, monitor of the National Mortgage Settlement, Ocwen Financial got the official go-ahead to lift a foreclosure sale hold placed on more than 17,000 loans earlier this year. The story dates back to a report first released in October 2015, which was not fully corrected by the time the April 2016 report came out.
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Ocwen fixes previous settlement failures, faces two new failed tests

"There is still work to be done"
Right as Ocwen Financial fixed previous compliance failures, the servicer is hit with two new compliance failures, according to the latest oversight report on Ocwen from Joseph Smith, monitor of the National Mortgage Settlement. Although the report shows improvement for the servicer: "there is still work to be done for Ocwen to fully comply with the National Mortgage Settlement."
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Monday Morning Cup of Coffee: Judge tosses Ocwen, Altisource kickback lawsuit

Calls alleged actions "extremely troubling," but says case doesn’t hold up
It’d be pretty safe to say that Ocwen Financial struggled the past few years. But, the company got a little bit of good news last week, when a judge dismissed a lawsuit accusing Ocwen and Altisource Portfolio Solutions of overcharging homeowners for service. The question now becomes are the company’s next steps forward? Backward? Or right into the eye of another storm? All that and more in your Monday Morning Cup of Coffee.
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Washington hits Ocwen with fine for using unlicensed offshore companies

Ocwen to pay $900,000; only use licensed entities to service Washington loans
Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgages, the state’s financial regulator announced Thursday. Here are the details.
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Ocwen rising: S&P upgrades nonbank's servicer rankings

Stock soars after ratings agency reveals positive outlook
Last month, HousingWire pondered if there was a light at the end of the tunnel for Ocwen Financial after the nonbank posted another loss in the second quarter, with company executives stating a belief that the nonbank can return to profitability as it puts "legacy" issues behind it. Now, Ocwen is putting one of those issues in the rear view mirror, as Standard & Poor's is upgrading the nonbank’s servicer rankings.
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SEC filing details Ocwen's efforts to rid itself of California mortgage servicing restrictions

With monitor costs mounting, Ocwen moves to settle
Ocwen Financial revealed Wednesday that it is attempting to rid itself of the business restrictions placed upon it by the California Department of Business Oversight, but a Thursday filing with the Securities and Exchange Commission details just how those negotiations are going and why Ocwen is trying to buy its way out of the settlement.
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