Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

The digital journey starts at acquisition

Download this white paper to learn how to build a tech-enabled acquisition strategy that will directly contribute to a lender’s ability to maximize profitability and remain competitive.

Mortgage

Ocwen closing residential servicing operations in Houston

Facility was company’s smallest call center in U.S.

Ocwen Financial (OCN) announced Wednesday that after conducting a “strategic review” of its operations, the company is shutting down its residential mortgage servicing operations at its facility in Houston.

In a release, Ocwen said that the decision to close the Houston facility’s residential servicing operations was made to “streamline the number of call center sites, eliminate redundancies, and increase effectiveness” of the company’s servicing operations.

Ocwen said that the Houston facility is the company’s smallest residential servicing call center in the U.S., and the decision to shutter the call center will affect 140 residential servicing employees, whose positions will be eliminated.

Ocwen said that all the impacted employees will have the opportunity to apply for employment at other Ocwen servicing facilities, and notes that the 140 employees whose positions are being eliminated represent less than 5% of the company’s approximately 3,200 employees in the U.S.

“Whenever business decisions cross personal relationships, it is difficult. This decision was especially hard since our Houston employees had a positive influence on the company’s performance,” said Ronald Faris, president and CEO of Ocwen. “We appreciate all the support and dedication these employees have shown over the years.”

Ocwen noted that its commercial servicing unit will continue to operate out of the Houston location and will not be impacted by the closing of the residential servicing operations.

The news of the Houston facility cutbacks comes on the heels of Ocwen selling off agency servicing rights by the truckload, as the company shifts its focus away from agency servicing.

Ocwen recently completed the sale of a $25 billion MSR portfolio to Nationstar Mortgage (NSM), just over a month after agreeing to sell another $9.8 billion portfolio of agency servicing to Nationstar.

Ocwen returned to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014.

The company reported net income of $34.4 million, or $0.27 per share, for the first quarter of 2015. The company’s first-quarter results were down from the first quarter of 2014, when the company reported net income of $60.5 million, or $0.43 per share.

Despite the improvement on the company’s recent results, Faris said he was not satisfied with the company’s first quarter.

“I am proud of what we have accomplished as far as managing the business through this difficult transition period,” Faris said. “We made great progress on our asset sale strategy, have returned to profitability and continue to generate substantial operating cash flow. However, I am not satisfied with only making $34 million in the quarter. We intend to do better."

Most Popular Articles

Fannie Mae, and the housing market’s inflation problem

Another month of steadily increasing home prices and insatiable demand led Fannie Mae’s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures.

Jun 16, 2021 By

Latest Articles

Doug Duncan and the housing market’s supply conundrum

The housing market has suffered due to high material prices, spend-anything buyers & a lack of supply. A return to normalcy will require big changes. HW+ Premium Content

Jun 18, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please