Ocwen Financial Corp. has advised investors that it plans to become one of the 10-largest home lenders in the country — a move that would require a more than 500 percent increase in production.
The Atlanta-based company said that it is building out its origination technology platform for speed and cost advantages with a focus on the retail channel.
It intends to accomplish this by establishing an online presence that is focused on ease of use for consumers and through the automation of documentation.
Ocwen outlined the expectations in an investor presentation filed Tuesday with the Securities and Exchange Commission.
It is also actively building and developing its sales staff. This includes training, coaching and providing metrics while speeding up results feedback and development.
In addition, Ocwen is “driving lean Six Sigma into process designs for lead generation, distribution, monitoring and consumer follow up; ‘Big Y’ = speed to close.”
With all of the planned improvements, Ocwen intends on becoming a top-10 originator.
Based on
data compiled by Mortgage Daily, the second quarter’s 10th-largest lender — Flagstar Bancorp Inc. — closed $15.7 billion during the first half of this year.
Ocwen’s first-half originations were just $2.4 billion.
The filing also indicated that Ocwen’s contract for Fiserv’s servicing system has been terminated — a move that is expected to save it $18 million next year alone.
Two securities class actions naming it as a defendant were dismissed without prejudice on Sept. 4, according to the report.
