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Tag Archives: Ocwen

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

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

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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JP Morgan to Buy $45 Billion Worth of Ocwen Servicing Rights

In an update on its website dated March 2, Ocwen announced that it had "signed a letter of intent with a buyer on the sale of mortgage servicing rights (MSRs) on a portfolio consisting of approximately 277,000 performing Agency loans owned by Fannie Mae with a total unpaid principal balance of approximately $45 billion."

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Ocwen to Sell $9.8 Billion MSR Portfolio to Nationstar

There are approximately 81,000 loans in the portfolio involved in the transaction, according to Ocwen's announcement. The transaction is subject to a definitive agreement as well as approval from Freddie Mac as well as Freddie Mac's conservator, the Federal Housing Finance Agency (FHFA).

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Ocwen’s Rating Knocked Down Again

Morningstar's announcement came just one day after Ocwen CEO Ron Faris told his company's stakeholders that he expected Ocwen's earnings in Q4 to take a hit based on mounting regulatory pressures, expenses, and a ratings downgrade by Fitch Ratings in the week.

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Ocwen Anticipates Losses Ahead of Earnings Report

In a note to stakeholders released Thursday, Faris reviewed a handful of the regulatory hurdles Ocwen has had to deal with in the past year, including a long-running investigation from New York's top financial regulator that eventually resulted in a $150 million settlement.

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Ocwen Issues Blistering Response to Investor Notice

Ocwen's response called the investors' claims "ill-conceived" and state that "[w]hile knee-jerk foreclosures may redound to the special economic interests of your clients, they are not in the best interests of the trusts as a whole, not consistent with industry practice, and therefore prohibited under the servicing agreements."

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