Items Tagged with 'Ocwen Financial'

ARTICLES

  • Altisource says CFPB will not fine company over relationship with Ocwen

    REALServicing at the center of CFPB probe
    Just over a year ago, Altisource Portfolio Solutions disclosed that the Consumer Financial Protection Bureau was investigating the company’s relationship with Ocwen Financial, but now, it looks that investigation is over. Altisource revealed Thursday that the CFPB told the company that its investigation has been completed and that the agency will not pursue an enforcement action against the company.
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  • Ocwen CEO Ron Faris retiring, former PHH CEO Glen Messina set to take over

    Ocwen is set to buy Messina’s former company for $360 million
    Ocwen Financial shocked many in the financial services industry when it announced earlier this year that it plans to buy PHH for $360 million in cash. Now, the PHH relationship is about to get a little more complex, as Ocwen announced Thursday morning that it is naming former PHH CEO Glen Messina as its new CEO and president. Messina, who left PHH just over a year ago amid an executive shakeup, will replace Ron Faris as Ocwen president and CEO.
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  • Ocwen reaches settlement with Massachusetts mortgage regulator, but state lawsuit remains

    Reaches final administrative settlement with raft of state regulators
    Ocwen Financial’s troubles with state regulators are nearly over, for now, at least. The nonbank disclosed Fridaythat it reached a settlement with the Massachusetts Office of Consumer Affairs & Business Regulation’s Division of Banks, which took regulatory action against the company last year along with more than 30 other states over alleged escrow and other mortgage servicing issues.
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  • Fitch: Ocwen outlook remains negative despite PHH deal

    Continuing regulatory overhang not overcome by pending acquisition
    The outlook for Ocwen Financial is still negative despite its recently announced $360 million deal to acquire PHH thanks to Ocwen’s continuing regulatory overhang, Fitch Ratings said Friday in a note to clients. In the note, Fitch's analysts said that Ocwen’s outstanding issues with the CFPB and a number of state regulators outweigh any positives that may be gained in the PHH deal.
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  • Ocwen loses more than $100 million for 4th straight year

    2017 loss of $128.5 million is $70.9 million improvement over 2016
    Just as the company predicted one year ago, Ocwen Financial suffered another year deep in the red in 2017, posting its fourth straight yearly loss of more than $100 million. But, at least Ocwen’s net losses are trending in the right direction.
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  • Ocwen buying PHH for $360 million in cash

    Deal comes after years of business hiccups for both companies
    In a deal that seemingly comes out of nowhere, Ocwen Financial announced Tuesday afternoon that it is buying PHH Corp. for $360 million in cash. The deal comes after years of turmoil for both companies that led to significant shifts in each companies' business. Click the headline for the full details of the deal.
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  • Ocwen settles with Maryland, but settlement carries stiffer penalties than previous states

    Fined $500,000, must provide $273,500 to borrowers, and more
    In the last several months, Ocwen reached settlements with nearly every one of the 31 states that took regulatory actions against the nonbank last year over alleged escrow and other mortgage servicing issues. Ocwen continued that settlement streak this week, reaching a settlement with Maryland, but while many of the previous settlements carried similar terms, the Maryland settlement goes even further and carries stiffer penalties.
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  • Ocwen reaches mortgage servicing settlement with Connecticut

    Settlement stipulates that Ocwen will pay $500,000 fine if it doesn’t comply
    Ocwen Financial is one step closer to ridding itself of the mortgage servicing restrictions placed on the nonbank last year when 31 states took regulatory actions over alleged escrow and other servicing issues. Ocwen disclosed late Thursday in a SEC filing that it reached a servicing settlement with the state of Connecticut.
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  • Ocwen reaches mortgage settlements with two more states, inks new deal with New Residential

    SEC filing reveals cavalcade of news about nonbank
    Ocwen disclosed Friday that it reached a settlement with two more of the 31 states that took regulatory actions against the nonbank last year over alleged escrow and other servicing issues. But that wasn’t the only interesting item that Ocwen disclosed in its latest SEC filing.
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