Items Tagged with 'PHH Corp.'

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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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  • 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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  • Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations

    It wasn’t a sweeping victory for the CFPB after all
    While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the D.C. Circuit was the court upholding the constitutionality of the CFPB, the bureau didn’t escape unscathed. The full Court of Appeals upheld the court’s earlier decision that former CFPB Director Richard Cordray far exceeded his authority as director when he handed down a seven-figure fine against PHH for RESPA violations.
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  • PHH adds Albert Celini as senior vice president, risk and compliance

    Will become chief risk and compliance officer on Jan. 1, 2018
    The management shakeup at PHH Corp. continued Monday when the company announced that it hired Albert Celini as senior vice president, risk and compliance. But Celini will only serve in the role for a little over a month. On Jan. 1, 2018, Celini will assume the role of chief risk and compliance officer, replacing Leith Kaplan, who will step down on Dec. 31, 2017.
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  • PHH promotes Madeline Flanagan to senior vice president and general counsel

    Replaces William Brown, who is stepping down as part of leadership changes
    PHH announced Monday that Madeline Flanagan will succeed William Brown as senior vice president and general counsel of PHH, effective Jan. 1, 2018. Brown is set to depart as part of series of leadership changes that included Robert Crowl replacing Glenn Messina as the company's president and CEO.
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