Items Tagged with 'Ocwen Financial'

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  • Ocwen all but drops Ocwen name, will operate as PHH Mortgage and Liberty Home Equity Solutions

    Completes integration, transfers 1 million loans to Black Knight LoanSphere
    Ocwen Financial announced Monday that it has hit two milestones enabling the company to officially originate and service loans through its two primary brands: PHH Mortgage for forward servicing and lending, and Liberty Home Equity Solutions for reverse lending and servicing. In effect, the mortgage giant is leaving behind its tarnished name, saying that it will consider a future rebrand.
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  • Ocwen's reverse mortgage business has stellar Q1

    Liberty Home Equity Solutions reaps profits despite down HECM market
    Ocwen Financial's business didn't fare so well in the first quarter of the year, but it seems its reverse mortgage business is doing just fine. Liberty Home Equity Solutions, the reverse mortgage division of Ocwen based in Rancho Cordova, California, boosted its parent company’s profits with a $24 million gain of pre-tax income in Q1 2019 – no small feat considering the HECM market's staggeringly low volume as of late.
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  • Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues

    Settlement will see Ocwen provide $2 million in restitution
    Ocwen will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged "widespread" mortgage servicing problems. The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017, which accused Ocwen of charging homeowners for "unnecessary and expensive force-placed insurance policies," imposing "excessive fees on delinquent borrowers," and failing to "properly process escrow and insurance payments."
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  • Ocwen planning to lay off more than 2,000 mortgage employees

    Nonbank will close several U.S. facilities
    Ocwen Financial plans to reduce its overall workforce by more than 2,000 employees over the course of this year, as the nonbank moves to reduce its costs after its $360 million acquisition of PHH. According to Ocwen, the company has already laid off 700 employees and plans to lay off 1,600 more by the end of the year, for a total reduction of 2,300 employees.
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  • Is Liberty Home Equity Solutions about to get in on the proprietary reverse mortgage game?

    Parent company Ocwen reveals successful pilot program
    It seems Liberty Home Equity Solutions may be the next HECM lender to launch a proprietary reverse mortgage product. Liberty's parent company, Ocwen Financial, recently revealed that the company successfully test drove a non-agency reverse product in financial documents detailing fourth quarter earnings.
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  • Former FHA Commissioner Carol Galante stepping down from Ocwen board

    Nonbank also names new two board members
    Carol Galante, the former commissioner of the Federal Housing Administration, is set to leave Ocwen Financial’s board of directors later this year, the nonbank announced Monday. Galante notified the company that she has chosen to leave the company’s board and will not stand for re-election during the company’s annual shareholder meeting in late May.
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  • Ocwen names first chief growth officer, new risk and compliance officer

    Two new leadership appointments intended to bring "a return to growth and profitability"
    Ocwen Financial named Timothy Yanoti executive vice president and chief growth officer and Al Celini senior vice president, chief risk and compliance officer. The company said the additions to its leadership team are part of its effort transform into a stronger, more efficient company and to usher in a return to profitability after posting sizable losses in the last two years.
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  • More of the same: Third quarter brings another loss for Ocwen

    Nonbank reports loss of $41.1 million in Q3
    Put simply, it was the same song, different verse for Ocwen Financial in the third quarter. Another quarter, another loss. Ocwen reported Tuesday that it posted a net loss of $41.1 million in the third quarter, a significant drop over last year, when the company lost $6.1 million in the same time period.
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  • Here are the top 10 reverse mortgage lenders

    And these are the different approaches they’re taking to survive the down market
    The reverse mortgage industry has taken a bit of a beating in the past year following significant program changes from HUD, but HECM lenders are nothing if not resilient. We’ve compiled a list of the top 10 players in the space and a summary of the approach each has taken to stay afloat in the current climate.
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  • Liberty’s Michael Kent on the challenge – and the promise – of the reverse mortgage market

    “There is still significant opportunity in the future for our industry”
    No. 4 on the Top HECM Lender list, Liberty Home Equity Solutions is all in on reverse mortgages. It’s optimism about the HECM market is personified by its president, Michael Kent, whose cheery, ardent belief in the product means that talking to him about reverse mortgages can have the unintended side effect of also making you a proponent of reverse mortgages.
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