TRID is a real obstacle to mortgage process

Fed adopts new rule limiting 'too big to fail' bailouts

New emergency lending policy targets 'broad-based' issues, not specific firms

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

Items Tagged with 'Ocwen'


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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New Residential to repay $2.5B in mortgage servicer advances

S&P downgrades Ocwen, triggers repayment
Citing an “inadvertent” oversight in a previous downgrade of Ocwen Loan Servicing servicer rankings, Standard & Poor’s announced earlier this week that it was lowering its ranking of Ocwen as a residential mortgage master servicer from “above average” to “below average.” And that move triggered a massive payback from New Residential.
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Ocwen cutting 10% of U.S. workforce

Cutbacks at Waterloo, Iowa facility part of cost-cutting initiative
As part of its previously announced cost-cutting initiative, Ocwen Financial announced Thursday that it intends to reduce the size of U.S. workforce by 10%. And while it was not an easy decision for the servicer to make, the CEO said it was necessary to ensure long-term success.
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Freddie Mac sells off $1.1 billion in Ocwen-serviced mortgages

Deeply delinquent non-performing loans sold to multiple buyers
Good news for the winners of Freddie Mac's latest sale. The enterprise announced Wednesday that it selected the winning bidders in the sale of more than $1 billion in non-performing loans that are currently being serviced by Ocwen Loan Servicing. And apparently one of the winning bidders is a frequent buyer of GSE non-performing loans.
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Ocwen now expects to record a loss in 2015

Sets goal to become top 10 residential mortgage lender
Citing lower revenue expectations coupled with higher expected operating, interest and tax expenses, Ocwen Financial now predicts it will post a loss in 2015. It would mark the second straight year with a loss for the once-booming nonbank.
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Judge tosses two shareholder lawsuits against Ocwen Financial

Investors alleged false claims about compliance, business practices
Ocwen Financial Corp. on Friday won the dismissal of two securities class actions that arose from alleged compliance issues related to servicer agreeing to a $150 million settlement in 2014, and now shares of the company are trading higher. Read on.
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