Items Tagged with 'Ocwen Financial Corp.'


  • Ocwen CFO Michael Borque resigns

    Leaving to take a position at an undisclosed financial services company
    After 4 years, Ocwen Financial Chief Financial Officer Michael Borque is resigning to move on to an unnamed financial services company. Details are scarce, but Borque is Ocwen's second prominent executive to step down in less than two months.
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  • Ocwen to pay $49 million to settle class action lawsuit over restated financials

    Also agrees to provide $7 million in company stock to class members
    Ocwen Financial will pay at least $49 million to settle a class action lawsuit over the nonbank restating its 2013 and 2014 earnings after its auditor found a potential “material weakness” in the way it valued and recorded a financial transaction. The issue previously led to Ocwen paying a $2 million fine to the SEC after an investigation found that the company misstated it financials on several occasions.
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  • From HW Magazine

    Ocwen, under fire, fires back

    The mortgage servicer's response to regulators' coordinated attack
    For some people, especially those living in California, Colorado, Oregon, and Washington, April 20 (4-20) is a day to celebrate, shall we say. But for Ocwen Financial, April 20, 2017 was a day that saw its business go up in smoke.
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  • Ocwen facing CFPB investigation, potential fine for servicing practices

    Nonbank discusses dealings with CFPB in SEC filing
    It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company said Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action.
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  • Ocwen responds to National Mortgage Settlement foreclosure holds

    Ocwen: These holds are not 'frozen foreclosures'
    Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In a lengthy reply, Ocwen responded to Smith's office and the nature of the sanctions that Smith's office placed on it.
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  • Ocwen partners with NAACP to help struggling homeowners

    Planning four community outreach events in 2016
    Ocwen Financial is partnering with the NAACP to host four borrower outreach events throughout 2016 that will give struggling homeowners the opportunity to receive in-person, individualized mortgage counseling designed to help them stay in their homes.
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  • SEC fines Ocwen $2 million for misstating financials; Altisource, HLSS relationships

    Used flawed MSR valuation methods
    Ocwen Financial will pay a $2 million fine after a Securities and Exchange Commission investigation found that the nonbank misstated it financials on several occasions by using a “flawed, undisclosed methodology” to value mortgage servicing rights that were sold to an Ocwen-associated company, Home Loan Servicing Solutions.
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  • Ocwen posts big loss, erasing profits for 2015

    Nonbank needs a big boost to get back in black
    As the company itself predicted just last month, Ocwen Financial is now in a position to record a loss in 2015, after the nonbank reported Wednesday that it generated a net loss of $66.8 million in the third quarter. Ocwen actually posted profits – albeit small ones – in the first and second quarters of this year, but those profits have been undone by Ocwen’s rough third quarter.
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  • Ocwen CEO gives baffled reaction to ratings rollercoaster

    Upgraded by Moody’s, placed on Credit Watch by S&P
    Just days receiving a bit of good news when Moody’s Investors Service upgraded its ratings, Ocwen Financial learned Standard & Poor’s placed its rankings on “CreditWatch negative.” So, what gives? Turns out the CEO of Ocwen is just as baffled by the news.
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