Today's volatility in Ocwen Financial (OCN) is due to concerns from investors that the company could lose additional servicing business.

“We continue to rate OCN a Neutral for the following reasons: After trading off yesterday on the second trading day of the year, OCN shares are down over 8% today,” Sterne Agee analysts said in a client note. “Investors we have talked with cite concerns over the company losing its existing nonagency servicing.”

Sterne Agee says that all concerns and speculation on this topic aside, the only thing they can point to is the fact that the number of forced servicing transfers over the last decade have been minimal and usually tied to something akin to bankruptcy or a similar level of distress.

Pimco and Bank of America (BAC) had a very public role over BAC performance as a servicer of mortgage backed by it and others that led to a financial settlement and a requirement that BAC bring in third-party servicers,” they write. “The next few quarters are going to be relatively difficult to accurately estimate while the company absorbs the cost and complexity of its DFS appointed operational monitor, challenges tied to past acquisitions of servicer deficiency, and the expected sale of its nonagency servicing.”

At the end of December 2014, Ocwen Financial Executive Chairman William Erbey resigned from the Ocwen family of companies. Ocwen also announced that it would pay $150 million to homeowners under an agreement with the New York Department of Financial Services.

Stern Agee analysis puts Ocwen’s pro forma book value at something between $11.50 and $12.95 per share.