Items Tagged with 'PHH'

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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  • PHH, Realogy agree to pay $17 million to settle lawsuit over alleged kickbacks

    Class action suit accused companies of title kickbacks involving joint venture
    PHH Corp. and Realogy Holdings will pay $17 million as part of a class action settlement over alleged kickbacks involving a former joint mortgage venture between the two companies. The lawsuit, which was originally filed in 2015, accused the companies of violating the Real Estate Settlement Procedures Act by “improperly paying and receiving kickbacks, referral fees, or other things of value in connection with the referral of title insurance and other settlement services.”
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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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  • It’s over: CFPB abandons PHH case

    Ends three-year battle
    The three-year battle is now over. The Consumer Financial Protection Bureau moved Thursday to dismiss its case against PHH, a remarkable turnaround that crystallizes the differences between former CFPB Director Richard Cordray and current Acting Director Mick Mulvaney.
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  • 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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  • PHH gives up challenge to CFPB constitutionality

    Will not pursue case to Supreme Court
    The Court of Appeals for the District of Columbia Circuit’s stunning decision to reverse its earlier ruling and uphold the constitutionality of the Consumer Financial Protection Bureau will stand as the law of the land after PHH Corp. elected not to pursue the case to the Supreme Court.
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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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  • 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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