Ocwen Financial

Ocwen Financial Corp. recorded a deeper quarterly loss of $40 million after acquiring PHH Corp., but still expects the deal's economies of scale to eventually lower costs and restore profitability.

Ocwen is putting plans in place to realize $100 million in savings using resources from its acquisition of PHH Corp., which has just closed.

A judge denied the settlement terms in a TCPA lawsuit against Ocwen Financial Corp. over concerns that the proposed $17.5 million payment was insufficient.

A former Ocwen Financial executive is settling Securities and Exchange Commission charges that he engaged in insider trading related to his company's dealings with Altisource Portfolio Solutions following a CFPB enforcement action and its upcoming merger with PHH Corp.

Ocwen Financial Corp. has gotten the go-ahead to acquire PHH Mortgage Corp., subject to revised New York restrictions on acquisitions of mortgage servicing rights, and other conditions imposed by the state.

The mortgage servicer plans to add PHH advance receivables to the collateral once the acquisition closes, though these will only account for around 6% of the total pool.

PHH Corp. remained above the adjusted net worth and cash requirements for the company's proposed acquisition by Ocwen to take place, even though it lost $35 million in the second quarter.

Ocwen Financial took nearly a $30 million net loss in the second quarter due to expenses ahead of its PHH Corp. acquisition that outpaced its mortgage servicing profits.

Ocwen Financial is able to keep the answers to questions from the Consumer Financial Protection Bureau involving the improper handling of escrow accounts confidential, a federal magistrate ruled.

Ocwen Financial Corp.'s Chief Financial Officer Michael Bourque has resigned, becoming the second top executive to leave the company after it agreed to acquire PHH Corp.