Ocwen Financial announced Monday that it has hit two milestones enabling the company to officially service loans through its two primary brands: PHH Mortgage for forward servicing and lending, and Liberty Home Equity Solutions for reverse lending and servicing.
Ocwen said it completed the final phase of transferring approximately one million loans from REALServicing to Black Knight LoanSphere, a move it announced it was making back in 2017 after a lawsuit with the Consumer Financial Protection Bureau revealed a host of issues – and quoted Ocwen’s head of servicing describing REALServicing as “ridiculous” and a “train wreck.”
Now, it seems that disaster is finally behind the mortgage giant as it completes the final phases of integration following its $360 million acquisition of PHH.
Ocwen said it plans to evaluate branding alternatives now that the two companies have officially merged.
“The successful completion of the loan transfers and legal entity consolidation are the most important milestones in the PHH integration,” Ocwen President and CEO Glen Messina said. “Completion of these critical activities serves as a catalyst for continued growth and process improvement, and enables our planned cost re-engineering for the balance of 2019 and 2020.”
“The conversion to MSP consolidates all loans onto a single, industry-leading servicing platform and enables us to drive future enhancements for our customers, investors and employees,” Messina added. “Overall, I am pleased with our progress to date on delivering on our objectives to strengthen and position the company for a return to profitability.”