Tag Archives: Ocwen

Walter Investment Management Corp. announced Tuesday that its wholly owned subsidiary, Reverse Mortgage Solutions, Inc. (RMS), has acquired a reverse mortgage servicing portfolio containing more than 76,000 loans from Wells Fargo Home Mortgage. The portfolio has an unpaid principal balance of about $12.2 billion and is expected to transfer to RMS during the third quarter of 2013, Walter Investment said in a release. The transaction will double the size of Walter Investment's serviced book, according to CEO and chairman Mark J. O'Brien.

Ocwen Financial Corporation announced the closing of its deal to acquire the country's largest reverse mortgage lender. The Atlanta-based financial services holding company announced in October it had entered into an agreement with Genworth Financial Corporation to purchase Liberty Home Equity Solutions, at the time known as Genworth Financial Home Equity Access. The purchase price was approximately $22 million. Ocwen CEO Ron Faris said the deal "positions [Ocwen] well in a market with enormous future growth potential."

In Georgia, Ocwen Financial Corporation announced that WL Ross & Co.'s chairman and CEO will be joining the Ocwen board of directors. Wilbur L. Ross Jr. has served in numerous roles as principal financial adviser, investor, and director in various companies operating in diverse industries around the world. He currently serves as a director for several publicly traded companies.

Mortgage origination volume continued to climb in 2012, according to data from Mortgage Daily's 2012 Mortgage Lender Ranking. According to data collected from surveys, earnings filings, and other public disclosures, loan volume across all lending firms grew 30 percent annually in 2012. In the fourth quarter alone, Mortgage Daily reports residential originations coming in around 3 percent above third-quarter volume. Year-over-year, Q4 saw mortgage production grow 17 percent.

Residential Capital, LLC (ResCap) announced it has completed the sale of its servicing platform assets to Ocwen Loan Servicing, LLC.

Altisource Portfolio Solutions announced it is purchasing certain fee-based businesses from Ocwen Financial for a combined purchase price of $218.6 million. According to a company release, Altisource entered into non-binding letters of intent with Ocwen to acquire certain fee-based businesses related to the servicer's recent purchase of Homeward Residential and the anticipated purchase of the mortgage servicing platform from Residential Capital.

After announcing Monday the sale of nearly $306 billion in mortgage servicing rights (MSRs) on 2 million loans, Bank of America might be looking to unload a little more. Reuters first reported Tuesday that the bank is planning to sell rights on at least another $100 billion of mortgages. BofA is likely to announce more MSR sales in the next several weeks, according to two unnamed sources who spoke to Reuters. Sales of servicing rights have become more prevalent as costs rise and servicers fall to bankruptcy, leaving hungry institutions to purchase their MSRs.

A review of Ocwen's mortgage servicing practices has found indications of non-compliance with recent servicing reforms.

Mortgage origination was up in the third quarter, and it looks like there's a little more room at the top.

After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million, or $0.37 per share in Q3 2012, a sharp increase of more than $30 million from the same quarter a year ago. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million. Ocwen says the figures for revenue and income from operations were record-setting numbers.