Ocwen Financial Corp.’s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.
In September, the
West Palm Beach, Florida-based company disclosed in a Securities and Exchange Commission filings that it had reached consent orders with 10 states.
The agreements prohibited Ocwen from boarding any new loans on the REALServicing system. This required the firm to find an alternative system.
As of a Nov. 1 SEC filing, the number of jurisdictions Ocwen had resolved was 22.
In all, there were regulatory agencies from 30 states and the District of Columbia, as well as two state attorneys general, that originally took action.
An announcement Wednesday indicated that Ocwen Loan Servicing has signed a long-term contract to utilize the LoanSphere MSP servicing system from Black Knight Financial Services.
The system will be hosted at Black Knight’s data center.
Included in the contract are solutions for bankruptcies, foreclosures and lien alerts.
Ocwen noted in a written statement, “”Over a multi-year period, Ocwen undertook a detailed review of industry leading mortgage loan serving systems. Our decision to transition to the LoanSphere MSP loan servicing system is part of Ocwen’s corporate objectives of reducing costs, streamlining the technology product suite, and creating efficiencies within the organization.”
Among other mortgage servicers to recently sign on or renew with Black Knight have been First Bank Mortgage, FirstBank and Fremont Bank as well as
KeyBank, LoanCare, Regions Bank and EverBank.
