|January 29, 2014|
|07:48 EDT||OCN||Ocwen Financial shares should be bought on weakness, says Oppenheimer|
After Ocwen preannounced its Q4 results, Oppenheimer lowered its 2014 EPS estimate for the company to $5.25 from $5.55. However, the firm doesn't think the company's longer term earnings outlook has really changed, and it keeps an Outperform rating on the stock.
News For OCN From The Last 14 Days
|December 22, 2014|
|09:05 EDT||OCN||Ocwen agrees to settlement with New York DFS|
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|06:08 EDT||OCN||Ocwen'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 EDT||OCN||Ocwen 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|
|08:58 EDT||OCN||Ocwen 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 EDT||OCN||Regulator 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 EDT||OCN||Ocwen 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 EDT||OCN||Ocwen 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