Ocwen Financial Corporation, through its subsidiaries, operates as a financial services holding company. The company engages in servicing and originating mortgage loans in the United States (U.S.). Segments The company operates in two segments, Servicing and Lending. Servicing This segment primarily comprises the company’s core residential mortgage servicing business. The company’s servicing clients include non-Agency residential mortgage-backed securities trusts and some of the primary financial institutions in the U.S., including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association (Ginnie Mae). 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 if necessary, foreclosure referrals; and the sale of the underlying mortgaged property following foreclosure (real estate owned) 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. The company’s servicing platform (REALServicing) runs on an information technology system that the company licenses under long-term agreements with Altisource Portfolio Solutions S.A. (Altisource). The system utilizes non-linear loss mitigation models that optimize delinquent borrower resolutions. Altisource utilizes software developers, modelers and psychology professionals who focus on borrower behavior and improvement of resolution models to improve system performance and outcomes. Lending This segment originates and purchases conventional and government-insured forward mortgage loans through the direct, wholesale and correspondent lending channels of the company’s subsidiary, Homeward Residential, Inc.’s operations. The company also originates and purchases Home Equity Conversion Mortgages (reverse mortgage loans) insured by the Federal Housing Authority through its Liberty Home Equity Solutions, Inc. operations. The company leverages 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 entity and Ginnie Mae guaranteed securitizations and whole loan transactions. The company typically retains the associated mortgage servicing rights, providing the Servicing business with a source of new mortgage servicing rights to replenish its servicing portfolio and partially offset the impact of amortization and prepayments. Regulation The company’s business is subject to extensive regulation by federal, state and local governmental authorities, including the Consumer Financial Protection Bureau, the Department of Housing and Urban Development, the U.S. Securities and Exchange Commission, and various state agencies that license, audit and conduct examinations of the company’s mortgage servicing, origination and collection activities. The government sponsored entities and their conservator, the Federal Housing Finance Authority, Ginnie Mae, the U.S. Treasury Department, various investors, non-Agency securitization trustees and others also subject the company to periodic reviews and audits. The company must comply with various federal, state and local consumer protection laws, including among others, the Gramm-Leach-Bliley Act; the Fair Debt Collection Practices Act; the Real Estate Settlement Procedures Act; the Truth in Lending Act; the Fair Credit Reporting Act; the Servicemembers Civil Relief Act; the Homeowners Protection Act; the Federal Trade Commission Act; the Equal Credit Opportunity Act; the Wall Street Reform and Consumer Protection Act (the Dodd-Frank Wall Street Reform and Consumer Protection Act); and state foreclosure laws. History Ocwen Financial Corporation, a Florida corporation, was founded in 1988.
ocwen financial corp (OCN:New York)
1000 Abernathy Road NE
Atlanta, GA 30328
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