Ocwen Explores New Product Alternatives As Reverse Business Shrinks

Ocwen Financial Corp. (NYSE:OCN), the parent company of Liberty Home Equity Solutions, reported a loss of $0.9 million in pre-tax reverse mortgage revenue during the third quarter of 2018, and executives are looking to new products to add to their offerings. Overall reporting a company-wide net loss of $41 million, executives blamed the reverse mortgage […]

Ocwen Blames $7 Million Revenue Decline on Weak Reverse Mortgage Demand

Ocwen Financial Corporation (NYSE: OCN) saw lending revenues decline by $7 million between the first and second quarters of 2018, and management blamed the drop on weaker demand for reverse mortgages. “Much of the decline was a result of the drop in reverse lending profitability, driven by higher competition for lower reverse mortgage volumes in […]

Ocwen Appoints Interim CEO Ahead of PHH Acquisition

Ocwen Financial Corporation (NYSE: OCN) has appointed an interim chief executive officer ahead of its planned acquisition of PHH Corp. (NYSE: PHH). John V. Britti, who currently serves as the West Palm Beach, Fla.-based servicer and originator’s executive vice president and chief investment officer, will assume the top spot on an interim basis effective July […]

Ocwen CFO to Resign by End of June

The chief financial officer of Ocwen Financial Corporation (NYSE: OCN) will resign before the end of June, the company announced on Tuesday. Michael Bourque, who has served as the West Palm Beach, Fla.-based lender and servicer’s CFO since June 2014, will leave to accept a position at another financial services company, according to a statement […]

Ocwen’s Reverse Mortgage Business Posts Record Quarter

In the midst of an earnings call that saw the company post a small profit, Ocwen Financial Corporation (NYSE: OCN) touted the performance of its reverse mortgage arm, Liberty Home Equity Solutions. “Our reverse mortgage lending business had a record quarter, recording a $9.8 million pre-tax profit, and the servicing business had its seventh consecutive […]

Ocwen CEO Retires, Former PHH Executive to Assume Role

Ocwen Financial Corporation (NYSE: OCN) president and CEO Ron Faris will retire at the end of June, the financial services corporation announced Thursday. Glen Messina, former president and CEO of PHH Corp. (NYSE: PHH) — which Ocwen acquired earlier this year — will step into the top spot. “As president and CEO, Ron guided Ocwen […]

Five Tips for Originating Reverse Mortgages Over the Phone

Reverse mortgages are unique and complex financial products, which is why many who sell these loans focus on kitchen-table originations. Meeting face-to-face is often viewed as the most effective way to connect with senior clients and guide them through the lengthy loan process. But a number of top reverse lenders operate thriving call centers where […]

January Reverse Mortgage Data Shows Continued Post-Oct. 2 Bump

A pair of new reports on January reverse mortgage endorsements reveal that the bump in volume ahead of the October 2 rule changes continued to pay dividends into the new year. Home Equity Conversion Mortgage originators — including Federal Housing Administration-approved firms and their non-approved counterparts — saw 32.9% endorsement growth in the first month […]

Ocwen Expands with $360 Million PHH Corp. Acquisition

Ocwen Financial Corporation (NYSE: OCN) on Tuesday announced a deal to purchase non-bank mortgage lender and servicer PHH Corp. (NYSE: PHH) for $360 million in cash. The combined company would have a servicing portfolio of 1.9 million loans with an unpaid principal balance (UPB) of $328 billion, the West Palm Beach, Fla.-based Ocwen said in […]

Former Liberty Home Equity CEO Kumbar Leaves Ocwen

Otto Kumbar, formerly the CEO of Liberty Home Equity Solutions, has left its parent company. Ocwen Financial Corporation (NYSE: OCN) on Monday announced Kumbar’s departure from the company, which eliminated his position of president, CEO, and director of Ocwen Mortgage Servicing Inc. “in connection with the company’s previously disclosed strategic assessment of its lending business.” […]