MFI-Miami Blog

Ocwen Financial Drops The Name Ocwen. It Will Now Operate As PHH Mortgage And Liberty Home Equity Solutions Former PHH Mortgage And Current Ocwen CEO Glen Messina Ocwen Financial announced earlier this week it was following in the footsteps of  Nationstar  and changing their name. The company says that it has developed a plan to service loans through two primary brands. The mortgage servicer announced they would operate as PHH Mortgage for forward servicing and lending and Liberty Home Equity Solutions for reverse lending and servicing. Ocwen Financial said it has completed the final phase of transferring approximately one million loans from REALServicing to Black Knight LoanSphere. The company  announced  it was transferring the loans back in 2017. A CFPB lawsuit revealed a host of issues that Ocwen’s head of servicing described as “ridiculous” and a “train wreck.” It seems as if that disaster is finally behind the mortgage giant. Ocwen is now focused on ...

Ocwen Financial Stock Plummets Faster Than Contestants On A Japanese Game Show. Is New Boss From PHH To Blame? Ocwen Financial saw its stock plummet last week by more than 17%. The company reported a net loss of $41 million or $0.31 per share for the third quarter of 2018. Ocwen Financial shareholders wonder if Newly appointed CEO Glenn Messina is up to the job fixing Ocwen. Messina is widely blamed for the problems that plagued PHH. Ocwen Financial also saw it’s net loss far exceeded its $6.1 million loss in the third quarter of 2017. The results underscore the mortgage service industry’s continued challenges to remain profitable amid weaker margins and intense regulatory scrutiny. Ocwen Financial stated that nearly a third of its pre-tax losses or $13.9 million in the 3rd quarter were attributable to its servicing segment.  The non-bank mortgage servicer also saw revenue fall 16% to $238.3 million during the third quarter. Ocwen Financial officially acquired P...