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Ocwen Disputes Notion it Can’t Service Agency Loans

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Mortgage Daily

                                                 March 7, 2012

Ocwen Financial Corp., which is poised to improve its ranking among the biggest U.S. mortgage servicers, says there is no truth to reports that it is unable to service agency mortgages.

The Atlanta-based firm issued a statement Wednesday confirming that it can service loans for Fannie Mae, Freddie Mac and Ginnie Mae.

“It has recently come to our attention that there is disinformation in the market place to the effect that our company, Ocwen Financial Corp., is unable to service agency loans,” the statement said. “The facts are that Ocwen is a long standing approved loan servicer for Fannie Mae, Freddie Mac and Ginnie Mae, and our servicing portfolio contains a considerable number of agency loans.”

Ocwen clarified that it targets “highly delinquent servicing” for acquisition. But the acquisitions include servicing rights on agency and non-agency mortgages.

The servicer says that its low-cost structure “uniquely” qualifies it to return loans to performing status.

In addition, despite suggestions that it cannot refinance loans, “in truth we have a partnership with a leading origination cooperative, Lenders One.”

Ocwen serviced $106.1 billion as of Sept. 30, 2011. After it completes its planned acquisition of Saxon Mortgage Services Inc. from Morgan Stanley, its portfolio will be around 910,000 loans for $145 billion — likely making it the 11th biggest residential servicer in the country.

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