Tag Archives: Ocwen Financial

Morningstar cited Ocwen’s management team, enhanced corporate governance and improved control, and its internal audit and quality control methodologies as reasons for the shift.

Ocwen reported its first quarterly profit in more than a year. What was the reason for the turnaround?

After enduring a rough year so far earnings-wise, Ocwen Financial Corporation received some positive news this week.

Legal expenses stemming from the Fisher cases cut into Ocwen's second quarter earnings.

What exactly did a year-long analysis of Ocwen's servicing operations from an independent consulting firm reveal?

Nationstar Mortgage was the only one out of the three largest U.S. non-bank mortgage servicers to turn a profit during 2015, according to Moody’s Investors Service’s Servicer Dashboard.

U.S. District Judge William Dimitrouleas in the U.S. District Court, Southern District of Florida, dismissed lawsuits filed by Ocwen Financial shareholders and Altisource Portfolio Solutions shareholders accusing the Atlanta-based servicer of fraud.

Monitor of the National Mortgage Settlement, Joseph A. Smith, Jr. concluded his investigation of Ocwen Financial's Internal Review Group with the determination that issues surrounding the Atlanta-based servicer's IRG have been "sufficiently addressed," according to an announcement from Smith's office.

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

The company's Q1 2015 preliminary revenue of $510.4 million represents a 7 percent year-over-year decline, and preliminary income from operations dropped from $202.1 million in Q1 2014 down to $132.1 million in Q1 2015. Meanwhile, preliminary cash flow from operating activities for Q1 totaled $323 million, a year-over-year increase of 65 percent.