Items Tagged with 'Ocwen'

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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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Ocwen partners with NAACP to help struggling homeowners

Planning four community outreach events in 2016
Ocwen Financial is partnering with the NAACP to host four borrower outreach events throughout 2016 that will give struggling homeowners the opportunity to receive in-person, individualized mortgage counseling designed to help them stay in their homes.
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Ocwen's black Monday: Nonbank discloses cavalcade of bad news

Posts big loss in 2015, expects another in 2016, discloses SEC investigation
Ocwen Financial reported its fourth quarter and full-year 2015 financial results on Monday morning, and the news wasn’t good. The nonbank disclosed that it posted a big loss in 2015, making it the second year in a row that the company took a loss. And not only did the nonbank take a loss in 2015, it expects to take another in 2016. And that’s not all. Ocwen also disclosed that it is currently under an SEC investigation.
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Former FHA Commissioner Carol Galante joining Ocwen's board of directors

Company also elevates Phyllis Caldwell to chair of board
Ocwen Financial is about to add a big name to its board of directors, as the nonbank announced Friday that Carol Galante, the former commissioner of the Federal Housing Administration, is set to join the company’s board. Ocwen also announced that it is elevating Phyllis Caldwell from her current role as an independent director to serve as chair of the company’s board of directors.
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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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