Ocwen Financial

Like some other servicers, it recorded a positive change in valuations during the first quarter, contrasting a negative adjustment in the previous period.

A rate drop was a common concern for some servicers during the quarter, and Ocwen recently took a step aimed at better addressing this risk in the future.

The company also renewed key partnerships, recorded some reverse mortgage charges it'd previously foreseen and eked out an adjusted pretax origination gain.

MSR marks weighed down results again but by less than in the previous quarter as the company worked on offsets and restated some adjusted numbers.

Judge Kenneth Marra granted the servicer a summary judgment, ruling all of the government's claims were previously covered by the National Mortgage Settlement.

The company reported an $80 million loss for the three-month period on mortgage servicing rights declines but $26 million in net income for the year.

But the company turned its first full-year profit since 2013.

The deal will add $7.8 billion in reverse mortgage subservicing to Ocwen $6.7 billion portfolio.

Federal Judge Kenneth Marra for a second time has granted the mortgage company summary judgment in the case brought by the bureau in 2017.

Ocwen Financial, Interfirst Mortgage, Marcus & Millichap and others announce new leadership hires.

The coalition, led by New York’s Letitia James and Minnesota’s Keith Ellison, argues that PHH Mortgage’s payment processing fees violate some state laws.

The regulator's demands for ending the action were excessive, Ocwen claimed.

Under the agreement, Oaktree could purchase up to a 4.9% stake in Ocwen when the deal closes, and warrants to purchase an additional 3%.

Minus various expenses including corporate, legal and servicing rights valuation, Ocwen had adjusted pretax income of $13.5 million.

The agreement with Florida ends the saga that began in April 2017, when several states sued the company. However, the CFPB's case filed at the same time remains active.

The annual survey and ranking of mortgage servicers found that while trust is increasing, borrowers were frustrated with some digital interactions and long wait times with call centers.

Ocwen Financial's preliminary second-quarter results put it back in the black, and it is positioning its growing distressed-servicing expertise and pandemic-induced exposures as a net positive.

With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them.

After ending 2019 on a high note, Ocwen Financial posted an income loss in the first quarter due to the unexpected costs and volatility created by COVID-19.

Ocwen Financial has approximately $749 million of liquidity from various sources to deal with servicing issues arising from the coronavirus, a company press release said.