Items Tagged with 'Ron Faris'

ARTICLES

  • 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 SEC filing reveals details of CFPB mortgage servicing investigation

    Nonbank set aside $12.5 million for potential settlement
    During Ocwen’s investor call, CEO Ron Faris was asked about the company’s disclosure in its fourth-quarter earnings that it set aside $12.5 million for “potential” regulatory settlements. Faris responded by directing observers to the disclosures in the company’s upcoming 10-K filing with the SEC. Well, Ocwen filed its 10-K on Thursday, and as it turns out, that $12.5 million is for a potential settlement with the CFPB.
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  • Ocwen reports loss of $546 million in 2014

    Company finally releases much-delayed 2014 results
    Ocwen Financial spent the last few months preparing its investors for the bad news. And the bad news finally came early Tuesday morning. After delaying its fourth quarter and year-end financial results on multiple occasions, Ocwen disclosed Tuesday that it recorded a preliminary net loss of $546 million in 2014.
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  • Ocwen CEO: We are a "proficient" mortgage servicer

    Responds to servicer ratings downgrade
    Ocwen CEO Ron Faris told shareholders that despite accusations of mortgage servicing negligence and recent claims by Fitch that Ocwen displays “weaknesses in corporate governance and operational control framework,” no ratings agency has identified any actual servicing performance deficiencies among Ocwen-serviced loans in residential mortgage-backed securities.
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