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, Live Well, RMF Lead Way as Secondary Market Strengthens

Prepayment speeds for Home Equity Conversion Mortgage-backed securities (HMBS) are slowing down in the first half of 2018, potentially signaling growing stability on the secondary market. The St. Johns, Fla.-based Baseline Reverse tracks the conditional prepayment rate (CPR) for each HMBS issued on the marketplace, with a slower speed indicating a more attractive product for […]

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 […]

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.” […]

CFPB ‘Here to Stay’ After D.C. Appeals Court Ruling

Financial industry leaders, hoping for an end to the Consumer Financial Protection Bureau — or at least the weakening of its regulatory power — through a long-running court case have to wait a while longer. The U.S. Court of Appeals for the D.C. Circuit on Wednesday ruled that the CFPB’s structure is constitutional, dealing a […]