Ocwen Financial, one of the nation’s largest mortgage servicing companies and the parent company of Liberty Home Equity Solutions, is partnering with consumers toward the improvement of its servicing processes.
Through a new Community Advisory Council, Ocwen will connect with community advocates to learn more about making a positive impact on their communities. In particular, Ocwen is focusing efforts on areas hardest hit by the economic downturn. The dialogue will be used to inform Ocwen’s future processes relating to servicing items such as principal reduction modifications for those with underwater home loans; reducing urban blight; and helping underserved populations, the company said in announcing the initiative.
The council comprises 15 non-profit community advocates and housing counseling agencies nationwide and may add members over time. It will be chaired by Ocwen President and CEO Ronald Faris.
“Ocwen has longstanding relationships with non-profit housing counseling agencies around the country, and we view these groups as valued partners in establishing and maintaining open and effective lines of communication with our customers. We believe the Council will strengthen these relationships to the benefit of all our stakeholders,” Faris said in announcing the initiative. “The Council will also serve as an outlet to track public policy developments relevant to Ocwen’s loan servicing and origination business and facilitate relationships within local community, government and industry circles.”
Ocwen has recently come under scrutiny of regulators who have alleged potential “conflicts of interest” with other public companies the firm is affiliated with, and has defended its position.
In June, the company agreed to pay $3.7 million to end a Massachusetts mortgage lawsuit claiming the company didn’t give homeowners required notices and illegally foreclosed on properties.
Community advocates including housing counseling agencies applauded the efforts to improve relations with consumers in need.
“We are pleased that Ocwen is inviting consumer stakeholders to participate in this new Council, and look forward to constructive and candid conversations as Ocwen continues to grow its business,” said Barry Zigas, Director of Housing Policy for Consumer Federation of America.
Written by Elizabeth Ecker