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Home >> News >> Servicing

Ocwen Financial Announces $564 Million Loss for 2014

Ocwen Financial Announces $564 Million Loss for 2014

Despite the recent turmoil, Ocwen’s president and CEO, Ron Faris, said he expects his company to have a profitable 2015. "I am encouraged by the progress Ocwen has made so far,” Faris said. “We currently expect to … meet all of our ongoing financial and servicing obligations.”

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Bank of America Launches Center to Help Homebuyers

Bank of America Launches Center to Help Homebuyers

Customers can search a database of more than 1,300 down payment and closing cost assistance programs when they visit the Bank of America Down Payment Resource Center. Customers can also learn how to use down payment and closing cost programs in combination with first mortgage loans to make homebuying more affordable when they visit the center. They can also get information to help them prepare for purchasing a home and speak with Bank of America mortgage specialist to explore other possible options.

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Fannie, Freddie $10 Billion MSR Portfolio Up for Sale

Fannie, Freddie $10 Billion MSR Portfolio Up for Sale

According to MountainView's announcement, features of the bulk servicing rights portfolio include 100 percent fixed-rate and first lien product, a weighted average original FICO score of 763, a weighted average original LTV ratio of 75 percent, a weighted average interest rate of 3.82 percent, and low delinquencies. The portfolio contains no loans that are more than 90 days late; only 0.41 percent of the loans in the portfolio are between 30 and 59 days delinquent, and only 0.5 percent of the loans are between 60 and 89 days delinquent, according to MountainView.

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Wells Fargo to Cut 1,000 Servicing Jobs

Wells Fargo to Cut 1,000 Servicing Jobs

Employees at the office work with U.S. residents who were behind on their home loan payments. In an emailed statement, Wells Fargo & Co. said Wednesday that as the economy has improved over the last two years, fewer customers have become delinquent on their payments, and fewer customers have needed assistance to stay in their homes. The company says it will continue to offer assistance to borrowers facing financial hardship.

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Fitch Downgrades Green Tree Rating

The downgrade comes after Ocwen Financial announced they would be selling $9.6 billion worth of servicing rights to Green Tree. Fitch said the downgrade is tied to Green Tree having had aggressive portfolio growth in the past two years in a press release.

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Ocwen to Sell $25 Billion in Servicing Rights to Nationstar

Ocwen to Sell $25 Billion in Servicing Rights to Nationstar

This will be the second time in as many months that Ocwen has announced an MSR sale on an Agency portfolio of residential loans to Dallas, Texas-based Nationstar. In February, Ocwen announced its intention to sell the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with a UPB of about $9.8 billion to Nationstar. Combined, the two MSR deals between Ocwen and Nationstar announced in the last two months include about 223,00 Agency residential mortgage loans with $34.8 billion in UPB.

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Ocwen Responds to Servicing Practice Criticism

Ocwen Responds to Servicing Practice Criticism

In January, a group of Residential Mortgage Backed Securities (RMBS) investors including BlackRock Financial Management Inc., Pacific Investment Management Company LLC, Kore Advisors, and Metropolitan Life Insurance issued a notice on Ocwen’s alleged non-performance. Ocwen claims the notice is a part of a long campaign by the RMBS investors to force more home foreclosures and less loan modifications.

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SunTrust to Pay North Carolina Homeowners $21.5 Million in Settlement

SunTrust to Pay North Carolina Homeowners $21.5 Million in Settlement

More than 2,200 homeowners who had mortgages with SunTrust and lost their homes to foreclosure in the past few years are eligible to a cash settlement worked out by the North Carolina Attorney General’s Office. North Carolina’s portion of the payout is about $21.5 million. Claim forms were mailed this week, and homeowners have until June 4 to submit a claim. The average payment will be around $850, according to Attorney General Roy Cooper.

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