Items Tagged with 'Ocwen Loan Servicing'

ARTICLES

  • 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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  • 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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  • Ocwen dumps Fitch, names interim CEO

    Ending contract with ratings agency, also names replacement for departing CEO
    Over the years, Fitch Ratings has frequently commented about Ocwen Financial, issuing reports and ratings actions about the nonbank’s business dealings, trials and tribulations. Well, that’s about to come to an end. But that's not the only big news that Ocwen made on Monday.
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  • 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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