Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


August 02, 2015 4:46 PM ET

Thrifts and Mortgage Finance

Company Overview of Ocwen Loan Servicing, LLC

Company Overview

Ocwen Loan Servicing, LLC offers and services residential mortgage loans. Its loan servicing includes customer service, collections, investor accounting, escrow, loss mitigation, foreclosure, and property disposition. The company services mortgage backed securitized and unsecuritized loans and securities. The company was founded in 1989 and is based in West Palm Beach, Florida. Ocwen Loan Servicing, LLC operates as a subsidiary of Ocwen Financial Corp.

1661 Worthington Road

Suite 100

West Palm Beach, FL 33409

United States

Founded in 1989

Phone:

561-682-8000

Fax:

561-682-8154

Key Executives for Ocwen Loan Servicing, LLC

President and Chief Executive Officer
Age: 52
Compensation as of Fiscal Year 2015.

Ocwen Loan Servicing, LLC Key Developments

Ocwen Loan Servicing LLC to Pay $2.5 Million, Hire 3rd-Party Auditor in Settlement with California Regulator

Ocwen Financial Corp. subsidiary Ocwen Loan Servicing LLC reached a settlement, effective Jan. 23, with the California Department of Business Oversight involving a $2.5 million penalty and the appointment of an independent third-party auditor. California was looking to suspend Ocwen's mortgage license in the state due to the company's alleged failure to turn over documents showing that it complies with laws protecting California homeowners. Ocwen soon indicated that it was cooperating with the department to resolve the administrative action originally filed Oct. 3, 2014. According to Ocwen's Form 10-K filed May 11, the agreement between the department and Ocwen Loan resulted in the department withdrawing its notice of hearing to suspend the company's license in California. Ocwen Loan and the California Department of Business Oversight entered into a consent order addressing and resolving the examination disputes between the two parties. The $2.5 million penalty, plus costs associated with the examination, was accrued as of Dec. 31, 2014. Ocwen Loan also agreed to stop acquiring additional mortgage servicing rights for loans secured in California until the Department is satisfied that the company can satisfactorily respond to the requests for information and documentation made in the course of a regulatory exam. The California Department of Business Oversight will also select an independent third-party auditor to assess Ocwen Loan's compliance with laws and regulations impacting California borrowers for an initial term of two years, extendable at the department's discretion. Ocwen Loan will be responsible for paying all reasonable and necessary costs associated with the auditor, who will report periodically on its findings and progress. The order does not involve any accusation or admission of wrongdoing regarding Ocwen Loan's servicing practices.

Ocwen Loan Servicing LLC Amends Senior Secured Term Loan Facility

Ocwen Loan Servicing LLC, as borrower, Ocwen Financial Corp. and certain of its subsidiaries, as guarantors, entered into an amendment to a senior secured term loan facility agreement with the lenders and Barclays Bank Plc, as administrative agent and collateral agent. Among other things, the amendment removes, with respect to the 2014 fiscal year, the requirement that Ocwen's financial statements and the related audit report must be unqualified as to going concern, and extends the required time period for delivery of the 2014 audited financial statements to May 29. The amendments are effective as of April 20, 2015. Ocwen said it continues to prepare information to demonstrate its ability to operate as a going concern and to provide such information to its auditor for the purposes of its audit of the company's financial statements for the year ended Dec. 31, 2014. Following the execution of the amendment and other amendments to Ocwen's debt greements, no defaults will occur in the event that the company's auditor includes disclosure in its 2014 audit report relating to the company's ability to operate as a going concern. Ocwen also announced that it repaid $17 million of its senior secured term loan, bringing the total repayment to $91 million in the past three weeks.

Berger & Montague, P.C. Files Class Action Lawsuit on Behalf of Homeowners Against Ocwen Loan Servicing

On behalf of homeowners, the law firm of Berger & Montague, P.C. has filed a class action complaint in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges that Ocwen Loan Servicing, LLC violated the law by failing to timely present to county clerks documents proving that mortgage loans have been satisfied. The complaint is brought on behalf of Pennsylvania homeowners whose mortgage loans have been serviced by Ocwen and who paid in full all amounts due under their mortgages pursuant to a payoff quote provided by Ocwen. These homeowners subsequently requested that Ocwen record a document proving that the mortgage loan has been satisfied and paid off. But Ocwen failed to do so within 60 days of its receipt of the borrower's written request. On this basis, plaintiff alleges that Ocwen has violated Pennsylvania's Mortgage Satisfaction Act, and the federal Real Estate Settlement Procedures Act.

Similar Private Companies By Industry

Company Name Region
H-P Capital, LLC United States
Money Store Minnesota Inc United States
Mobile Ready Entertainment Corp. United States
Direct Money Source, Inc. United States
Money Store Home Equity Corp United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 24, 2015
Ocwen Loan Servicing, LLC, Portfolio $25 Billion of Mortgage Servicing Rights
Merger/Acquisition
March 18, 2015
Ocwen Loan Servicing, LLC, Portfolio of Mortgage Servicing Rights
Merger/Acquisition
March 2, 2015
Ocwen Loan Servicing, LLC, Mortgage Servicing Rights on $45 Billion of Fannie Mae Loans
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Ocwen Loan Servicing, LLC, please visit www.ocwencustomers.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.