Thrifts and Mortgage Finance
Company Overview of Home Loan Servicing Solutions, Ltd.
Home Loan Servicing Solutions, Ltd., together with its subsidiaries, focuses on acquiring assets related to residential mortgages. The company was founded in 2010 and is based in George Town, the Cayman Islands. As of April 6, 2015, Home Loan Servicing Solutions, Ltd. operates as a subsidiary of New Residential Investment Corp.
190 Elgin Avenue
George Town, KY1-9005
Founded in 2010
Key Executives for Home Loan Servicing Solutions, Ltd.
Chief Executive Officer, President, Director and Member of Executive Committee
Chief Financial Officer, Chief Accounting Officer, Senior Vice President and Controller
Vice President and Treasurer
Senior Vice President of Investor Relations and Capital Markets
Compensation as of Fiscal Year 2015.
Home Loan Servicing Solutions, Ltd. Key Developments
The Securities and Exchange Commission Charges Home Loan Servicing Solutions Ltd. for Misstatements and Inadequate Internal Controls
Oct 5 15
The Securities and Exchange Commission charged Home Loan Servicing Solutions Ltd. for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls. HLSS agreed to pay a $1.5 million penalty to settle the SEC's charges and agreed to cease and desist from disclosure and books and recordkeeping violations. SEC's order instituting a settled administrative proceeding, HLSS misstated its handling of transactions with related parties, including Ocwen Financial Corp., whose chairman also served as HLSS's chairman. From 2012 to 2014, HLSS disclosed that to avoid potential conflicts of interest, it required its Chairman to recuse himself from transactions with Ocwen and other related parties. However, the SEC order found that HLSS had no written policies or procedures on recusals for related-party transactions and that its chairman approved many transactions between HLSS and Ocwen. HLSS misstated its net income in 2012, 2013, and the first quarter of 2014 because the methodology it used to value its primary asset - billions of dollars of rights to mortgage servicing rights that it purchased from Ocwen - did not conform to generally accepted accounting principles (GAAP), the SEC order also found. Although HLSS disclosed that it valued these assets at their fair value, the order found that its actual approach was to assign a value equal to their carrying value, provided the carrying value was within 5% of a third-party's fair market value estimate. The Commission's investigation was conducted by staff in the Enforcement Division's Complex Financial Instruments Unit and the New York Regional Office, including William Finkel, Elisabeth Goot, Kevin McGrath, Peter Altenbach, Kerri Palen, Sharon Bryant, and Daniel Nigro. The case was supervised by Daniel Michael and Steven Rawlings.
Home Loan Servicing Solutions, Ltd., Special/Extraordinary Shareholders Meeting, Oct 23, 2015
Aug 28 15
Home Loan Servicing Solutions, Ltd., Special/Extraordinary Shareholders Meeting, Oct 23, 2015., at 10:00 US Eastern Standard Time. Location: Intertrust Corporate Services (Cayman) Limited.
The NASDAQ Stock Market To Delist The Common Stock Of Home Loan Servicing Solutions
May 20 15
The NASDAQ Stock Market announced that it will delist the common stock of Home Loan Servicing Solutions, Ltd. Home Loan Servicing Solutions, Ltd.’s stock was suspended on April 29, 2015 and has not traded on NASDAQ since that time. NASDAQ will file a Form 25 with the Securities and Exchange Commission to complete the delisting for the company. The delisting become effective ten days after the Form 25 is filed.
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