Items Tagged with 'nonbank servicers'


  • Elizabeth Warren pushing CFPB for more oversight of nonbank mortgage servicers

    Joins with Congressman Elijah Cummings to call for increased regulation
    In a letter sent Monday to Consumer Financial Protection Bureau Director Richard Cordray, Sen. Elizabeth Warren and Rep. Elijah Cummings called on the CFPB to increase its oversight of nonbank mortgage servicers, citing a report from the U.S. Government Accountability Office on the rise of nonbank servicers and CFPB's lack of information about them.
    Read More
  • Ocwen's black Monday: Nonbank discloses cavalcade of bad news

    Posts big loss in 2015, expects another in 2016, discloses SEC investigation
    Ocwen Financial reported its fourth quarter and full-year 2015 financial results on Monday morning, and the news wasn’t good. The nonbank disclosed that it posted a big loss in 2015, making it the second year in a row that the company took a loss. And not only did the nonbank take a loss in 2015, it expects to take another in 2016. And that’s not all. Ocwen also disclosed that it is currently under an SEC investigation.
    Read More
  • Ocwen now expects to record a loss in 2015

    Sets goal to become top 10 residential mortgage lender
    Citing lower revenue expectations coupled with higher expected operating, interest and tax expenses, Ocwen Financial now predicts it will post a loss in 2015. It would mark the second straight year with a loss for the once-booming nonbank.
    Read More
  • Ocwen’s profits fall sharply in second quarter

    Company announces $150 million cost-cutting program
    After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported Thursday that it also made a profit in the second quarter – albeit a much smaller one. Here are all the details.
    Read More
  • Judge tosses Ocwen home inspection lawsuit

    Ends one of several lawsuits against Ocwen
    At least one of Ocwen’s lawsuits is getting put to rest. A federal judge dismissed a class action lawsuit accusing Ocwen Financial of fraudulently billing hundreds of thousands of homeowners for needless property inspections.
    Read More
  • Ocwen files 2014 yearly report without “going concern” qualification

    CEO: This is additional evidence that shows our strategy is working
    After months spent on shaky ground, Ocwen Financial appears to be righting the ship. The company announced late Monday that it filed its much-delayed 2014 10-K yearly report with the Securities and Exchange Commission without a qualification about its ability to operate as a going concern.
    Read More
  • Walter Investment posts 1Q net income of $38.3M

    Declining revenue of $310M misses analyst expectations
    Walter Investment Management Corp. reported GAAP net loss for the first quarter of 2015 of ($31.0) million, or ($0.82) per diluted share, compared to net income of $17.4 million, or $0.45 per share for the first quarter of 2014. Adjusted earnings for the quarter were $38.3 million. Here’s where things went sideways.
    Read More