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Last $10.05 USD
Change Today -0.23 / -2.24%
Volume 4.2M
OCN On Other Exchanges
New York
As of 8:04 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

2002 Summit Boulevard

6th Floor

Atlanta, GA 30319

United States

Phone: 561-682-8000


Ocwen Financial Corporation, a financial services holding company, engages in servicing and originating mortgage loans. Segments The company operates in two segments, Servicing and Lending. Servicing The Servicing segment primarily comprises core residential mortgage servicing business. The company’s servicing clients include financial institutions in the U.S., including Federal National Mortgage Association and Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The company operates in the servicing industry in foreclosure prevention and loss mitigation that helps families stay in their homes and improves financial outcomes for investors. Servicing involves the collection and remittance of principal and interest payments received from borrowers, the administration of mortgage escrow accounts, the collection of insurance claims, the management of loans that are delinquent or in foreclosure or bankruptcy, including making servicing advances, evaluating loans for modification and other loss mitigation activities, and foreclosure referrals and the sale of the underlying mortgaged property following foreclosure (real estate owned or REO) on behalf of investors or other servicers. Master servicing involves the collection of payments from servicers and the distribution of funds to investors in mortgage and asset-backed securities and whole loan packages. Lending In the Lending segment, the company originates and purchases conventional and government insured forward mortgage loans through the direct, wholesale and correspondent lending channels of its Homeward operations. The company also originates and purchases Home Equity Conversion Mortgages (HECM or reverse mortgage loans) insured by Federal Housing Authority through its Liberty Home Equity Solutions, Inc. operations. The company utilizes its direct forward mortgage lending channel to pursue refinancing opportunities from its servicing portfolio, where permitted. After origination, the company packages and sells the loans in the secondary mortgage market, through government sponsored entities and Government National Mortgage Association guaranteed securitizations and whole loan transactions. The company retains the associated mortgage servicing rights. Strategy Long-term success for the company is driven by several factors, including access to new business opportunities; low operating costs; strong customer service and quality processes; superior default management and loss mitigation; a scalable and compliant servicing platform; and diverse, cost-effective sources of capital. Regulations The company’s business is subject to extensive regulation by federal, state and local governmental authorities, including the Consumer Financial Protection Bureau), the Federal Trade Commission (FTC), the Securities and Exchange Commission and various state agencies that license, audit and conduct examinations of mortgage servicing, origination and collection activities. In addition, the government sponsored entities and their regulator, the Federal Housing Finance Authority (FHFA), Government National Mortgage Association, various investors, non-Agency securitization trustees and others also subject the company to periodic reviews and audits. The company must comply with federal, state and local consumer protection laws including the Gramm-Leach-Bliley Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Fair Credit Reporting Act, the Servicemembers Civil Relief Act, the Homeowners Protection Act, the Federal Trade Commission Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and state foreclosure laws. History Ocwen Financial Corporation was founded in 1988.


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