Mortgage Daily Logo

Ocwen Continues Growing Mortgage Servicing Portfolio

Mortgage News

Ocwen Financial Corp. continued increasing the size of its residential loan servicing portfolio. Also moving up were pre-tax earnings.

The Atlanta-based company closed out last year with a mortgage servicing portfolio of $464.651 billion, according to its fourth-quarter earnings report.

Ocwen’s servicing portfolio increased from $434.819 billion as of Sept. 30, 2013, and $203.666 billion as of Dec. 31, 2012.

“The transfer of loans from OneWest and Greenpoint were substantially completed during the fourth quarter and early in the current quarter,” Ocwen Financial President and Chief Executive Officer Ron Faris said in the report. “More importantly, we are nearing the end of our integration of the legacy ResCap loans onto Ocwen’s servicing platform. We expect to be able to finish our consolidation by the end of the second quarter. Consolidation will allow us to substantially lower expenses and reduce the operating complexities of running multiple platforms.”

On its balance sheet as of year-end 2013 were $0.6 billion in “loans held for investment – reverse mortgages, at fair value.” This category was at zero at the end of 2012.

Delinquency was cut to 14.5 percent from 14.6 percent as of Sept. 30.

Ocwen said it earned $120 million before taxes in the fourth quarter, gaining on its third-quarter income of $76 million.

Quarterly earnings were up 57 percent from the same period a year earlier.

The report indicated that Ocwen’s national servicing settlement was approved by the U.S. District Court for the District of Columbia on Feb. 26.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam