Items Tagged with 'Ocwen Financial'

ARTICLES

  • 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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  • 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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  • Ocwen completes $360 million acquisition of PHH, Glen Messina takes over as CEO

    Former PHH CEO assumes leadership of newly combined company
    PHH Corp. is now officially part of Ocwen Financial, as Ocwen’s $360 million acquisition of PHH is now complete, the companies announced Thursday morning. But those aren’t the only big changes for Ocwen and PHH. In conjunction with the deal’s closing, former PHH CEO Glen Messina has officially taken over as president and CEO of Ocwen.
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  • Ocwen’s $360 million acquisition of PHH to close in days

    Deal gets thumbs-up from regulators, but NYDFS has some conditions
    Ocwen Financial’s $360 million acquisition of PHH Corp. is set to close within the next two weeks after approvals are received from all relevant regulatory agencies and governmental entities, the companies announced Friday morning. But the companies didn’t skate through the approval process totally unscathed. Finalizing the deal comes with some conditions from the New York Department of Financial Services, which has long been a thorn in Ocwen’s side.
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  • The National Mortgage Settlement is officially over

    Monitor’s office to shut down by end of 2018
    One of the vestiges of the financial crisis is now officially in the past. The National Mortgage Settlement, the epic, massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete. RIP.
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