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The MReport Webcast: Monday 6/22/2015

Just two weeks after being upgraded by Moody's Investor Service and being placed Standard and Poor's CreditWatch list for a downgrade, S and P cut Ocwen Financial's rankings for residential mortgage prime, subprime, special, and subordinate-lien from Average to Below Average. S and P said that it believed regulatory and investor scrutiny and/or actions had affected Ocwen's operations.

Ocwen has experienced a tumultuous last year that has included multi-million dollar settlement over alleged servicing violations, a formal notice filed by major investors claiming they lost 1 billion dollars as a result of alleged servicing infractions by Ocwen, ratings downgrades by Moody's in January and Fitch in February, and the threat of being de-listed from the New York Stock Exchange for the late filing of its 2014 10-K financial report.

As a warning to mortgage industry lenders, the Consumer Financial Protection Bureau is investigating Bankrate’s mortgage rate comparison tool on Bankrate.com. Bankrate says that the CFPB issued Civil Investigate Demands to the company and its employees. The CFPB also requested that Bankrate provide unmentioned documents and answer questions related to the quality control process for determining mortgage rate tables.

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