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 […]

January Reverse Mortgage Volume Highest Since ’11

After months of waiting for evidence of a surge, reverse mortgage origination numbers set a recent record in January. Federal Housing Administration-approved reverse mortgage lenders logged 6,313 endorsements last month, making it the best month for the industry since March 2011 according to the most recent numbers from Reveres Market Insight. That’s a 32.5% growth […]

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 […]

Reverse Mortgage Must-Reads: Deceptive Ad Charges, Liberty for Sale

Just in case you missed them the first time around, here’s our weekly roundup of the must-read stories from a very busy week in Home Equity Conversion Mortgages — from a state enforcement action over deceptive advertisements to major industry changes potentially on the horizon. Washington Charges HighTechLending with Deceptive HECM Advertising — The state of […]

Ocwen Exploring Sale of Liberty, Reverse Mortgage Assets

Ocwen Financial Corporation (NYSE: OCN) announced late Tuesday that it could potentially sell its reverse mortgage lending arm, Liberty Home Equity Solutions. “The company is currently evaluating its long-term strategy with respect to its reverse lending activities, including the potential sale of the reverse lending business or some assets of the business,” the company said […]