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News Breaks
May 21, 2014
09:50 EDTASPS, WAC, OCN, NSMLawsky says extending probe of Ocwen, other mortgage servicers
Benjamin Lawsky, Superintendent of Financial Services for the State of New York, delivered remarks yesterday at the Mortgage Bankers Association National Secondary Market Conference, during which he said the regulator has highlighted its concerns about ancillary services with "one particular non-bank servicer," most likely referring to Ocwen Financial (OCN), which the regulator has said it is probing. However, Lawsky added "they are not the only industry player doing this. So you should expect us to expand our investigation into ancillary services in the coming weeks and months," according to prepared remarks posted to the DFSNY website. Altisource Portfolio Solutions (ASPS) was previously spun-off from Ocwen. Other mortgage servicing companies include Nationstar (NSM) and Walter Investment (WAC). Reference Link
News For OCN;ASPS;NSM;WAC From The Last 14 Days
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December 22, 2014
12:18 EDTASPS, OCNOn The Fly: Midday Wrap
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10:39 EDTWACHigh option volume stocks
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09:37 EDTASPS, OCNErbey steps down as Chair of Ocwen, related Altisource companies
Ocwen Financial (OCN) reported earlier that founder William Erbey will step down from his position as Executive Chairman of Ocwen, effective January 16, 2015. Barry Wish, a current director of Ocwen, will assume the role of Non-Executive Chairman on that date. Additionally, Altisource Asset Management (AAMC) announced that Erbey is stepping down from his position as Director and Chairman of the Board of Directors and that CEO Ashish Pandey has been appointed Chairman. Altisource Portfolio Solutions S.A. (ASPS) also announced that Erbey is stepping down from his position as Director and Chairman of the Board of Directors of Altisource and that Timo Vättö has been appointed as Chairman. Altisource Residential (RESI) also announced that Erbey is stepping down from his position as Director and Chairman of the Board of Directors of the company and that David Reiner, a current independent Director of the company, has been appointed Chairman. All of the changes above are effective January 16, 2015, and have been made in connection with the Consent Order entered into by Ocwen Financial with the New York Department of Financial Services.
09:34 EDTOCN, ASPSAltisource says William Erbey to step down as chairman
Altisource Portfolio Solutions S.A. (ASPS) announced that William C. Erbey is stepping down from his position as Director and Chairman of the Board of Directors of Altisource and that Timo Vättö, 50, has been appointed as Chairman, effective January 16, 2015. Erbey, who served as Director and Chairman of Altisource since August 2009, continues to be Altisource's largest shareholder, and stepped down in connection with the Consent Order entered into by Ocwen Financial Corporation (OCN) with the New York Department of Financial Services.
09:24 EDTOCNOn The Fly: Pre-market Movers
HIGHER: Caesars Entertainment (CZR), up 23.8% following agreement to merge with Caesars Acquisition (CACQ)... Synthetic Biologics (SYN), up 8.6% following positive topline results from SYN-004 Phase 1a trial... Advaxis (ADXS), up 6.1% after Adage Capital Partners reports 18.84% passive stake in Advaxis... TASER (TASR), up 4.25% following multiple orders of Smart Weapons and Conducted Electrical Weapons... BioCryst Pharmaceuticals (BCRX), up 3.4% after RAPIVAB receives FDA approval... Herbalife (HLF), up 1.4% following a New York Post report that the FDA asked the company to stop airing a video claiming FDA approval. LOWER: Ocwen Financial (OCN), down 10.5% following settlement agreement with New York Department of Financial Services. NOTABLE: Enanta Pharmaceuticals (ENTA), up 11.8% following FDA approval of AbbVie's Viekira Pak... AbbVie is (ABBV) is up 2.4% following FDA approval of Viekira Pak and that Express Scripts (ESRX) will expand access to Viekira Pak... Express Scripts is trading marginally higher... Gilead Sciences (GILD), down 11.3% after Express Scripts picks AbbVie for hepatitis C.
09:05 EDTOCNOcwen agrees to settlement with New York DFS
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06:08 EDTOCNOcwen's executive chairman to step down as part of NY settlement, WSJ reports
Ocwen Financial's executive chairman, William Erbey, will step down next month as part of a legal settlement with the New York Department of Financial Services, The Wall Street Journal reported, citings sources. Under the terms of an agreement that could be signed as early as today, Ocwen will acknowledge that it did not deal with distressed homeowners properly, may have saddled them with excessive charges from affiliated companies and also did not maintain adequate systems for servicing hundreds of billions of dollars in mortgages. Ocwen will also pay $150M toward New York housing programs and aid to foreclosed homeowners, the sources say. Reference Link
December 18, 2014
08:50 EDTOCNOcwen facing new probe over delays on underwater home sales, Bloomberg says
The New York Department of Financial Services and the Consumer Financial Protection Bureau are investigating whether Ocwen improperly delayed short sales by borrowers who are underwater on their homes, according to Bloomberg, citing two people briefed on the case. A spokeswoman for Ocwen said the company “has no desire to delay short sales” and that costs increase when the process is prolonged, Bloomberg noted. Reference Link
December 16, 2014
10:05 EDTWACWalter Investment says Green Tree passes all metrics tested by OSMO
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08:58 EDTOCNOcwen says will file corrective action plans as needed based on OMSO report
Ocwen Financial has been working closely with the Office of Mortgage Settlement Oversight, or OMSO, on two issues identified in the report covering the first six months of 2014, the National Mortgage Settlement Monitor said in a public filing, according to the company. OMSO's fourth report on mortgage servicers' compliance with the National Mortgage Settlement discloses two items that precluded the Monitor from reporting on Ocwen's progress for the first half of 2014. The first concerns the processes used by the company's NMS Internal Review Group and was flagged by a complaint from an IRG employee. The IRG is responsible for reporting on Ocwen's compliance with the NMS. The second issue concerns the letter dating issue raised by the New York Department of Financial Services in October. To the extent the Monitor determines that Ocwen did not meet the minimum compliance standards mandated by the NMS in any period, Ocwen will file a corrective action plan in accordance with the NMS protocols.
06:45 EDTOCNRegulator says Ocwen reports unreliable, NY Times reports
A monitor put in place as part of a mortgage settlement between banks and the government said he could not rely on information provided by Ocwen Financial, according to The New York Times.The monitor, Joseph Smith, Jr., said he concluded that he could not rely on Ocwen's reports for the first half of 2014, the newspaper explained. Ocwen said it would seek to allay Smith's concerns, The Times reported.
December 12, 2014
16:06 EDTOCNOcwen announces $253M early buyout of mortgages from Ginnie Mae pools
Ocwen Financial announced the purchase of 1,705 delinquent FHA-insured loans with a principal balance of $253.1M from Ginnie Mae pools for which Ocwen Loan Servicing was already the servicer. The purchase was made by the company's mortgage servicing arm, Ocwen Loan Servicing, and closed on December 1. On the same day, the Ginnie Mae EBO Loans were sold to an unrelated third party. Ocwen Loan Servicing will remain the servicer of the loans. Ocwen's Ginnie Mae buyout program began in the first quarter of 2014. "We expect to execute more such purchases in the next few months, as long as market conditions are favorable," said John Britti, Chief Investment Officer.
13:31 EDTOCNOcwen misdating issue being reviewed by Treasury, Inside Mortgage Finance says
Ocwen’s misdating of loan modification letters has been a subject of focus for the NYDFS, as widely reported, but in the Treasury Department is now also reviewing what impact Ocwen's misdating may have had on the Making Home Affordable program, reported Inside Mortgage Finance. Reference Link

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