Tag Archives: Ocwen Financial Corp.

The tough first quarter for Ocwen suggests an ongoing trend for non-bank mortgage servicers—even though they have a much larger share of the mortgage market than they did just four years ago, they are having difficulty profiting.

Ocwen’s Chief Compliance Officer, Michael Hollerich, sat down exclusively with MReport to discuss compliance trends in the mortgage industry and how the nonbank servicer is creating a revitalized culture of compliance.

Ocwen Financial has re-initiated its two-year-old stock repurchase program after a nine-month suspension, according to an 8-K filing with the Securities and Exchange Commission.

Mortgages were most complained about at Ocwen and Nationstar Mortgage, but Ocwen's complaints have fallen 16 percent overall from in the last three months, while Nationstar's complaints rose 11 percent.

On Wednesday, Ocwen reported a net loss of $66.8 million for the third quarter in 2015 compared to a net loss of $75.3 million for the same quarter a year earlier.

The Securities and Exchange Commission announced Monday that it has charged Home Loan Servicing Solutions for making "material misstatements" about handling transactions with related parties, including Ocwen Financial Corp.

Standard and Poor's Rating Services recently affirmed Ocwen Financial Corp., 'B' issuer credit rating and removed the rating from CreditWatch negative. In addition, S&P also placed Ocwen's outlook as negative.

Ocwen Financial Corp. reported a net income of $10 million, or $0.08 per share, for the three months ended June 30, 2015, according to the company’s Q2 earnings statement.

An Agency mortgage servicing rights deal worth approximately $45 billion between Chase and Ocwen Financial Corp. has been finalized after two and a half months, according to an announcement from Chase on Thursday. Ocwen first announced on March 2 it had signed a letter of intent to sell the $45 billion portfolio, which includes about 266,000 high-quality Fannie Mae loans, to an anonymous buyer.

Retesting of Ocwen Financial's compliance with the terms of the 2012 National Mortgage Settlement (NMS) for the first quarter of 2014 revealed that the Atlanta-based servicer failed one metric originally reported as a pass, but passed the other eight metrics, according to a release from the Office of Mortgage Settlement Oversight.