Ocwen

In June 2013, Ocwen Financial (OCN), the nation's fourth-largest mortgage servicer, bought the rights to service $78 billion in mortgages from OneWest Bank, the former IndyMac Bancorp.

In September 2010, Ocwen, through Ocwen Loan Servicing, LLC (OLS), a wholly owned subsidiary of Ocwen, acquired the U.S. non-prime mortgage servicing business of Barclays Bank PLC, known as HomEq servicing.[6] While the transaction did not result in the transfer of ownership of any legal entities, OLS acquired the mortgage servicing rights (MSRs) and associated servicer advances of the business as well as the servicing platforms based in Sacramento, California, and Raleigh, North Carolina, for an initial aggregate purchase price of $1.2 billion.[3] With the close of the HomEq acquisition, Ocwen boarded onto its servicing platform approximately 134,000 residential mortgage loans with an aggregate UPB of approximately $22.4 billion.

In September 2011, Ocwen completed its acquisition of outstanding partnership interests of Litton Loan Servicing LP and certain interest-only servicing securities previously owned by Goldman Sachs & Co. from Goldman Sachs. Following this $247.2 million worth acquisition, Ocwen became the largest subprime mortgage servicer in the U.S.[7] The Litton acquisition increased Ocwen's servicing portfolio by 245,000 residential mortgage loans with an aggregate UPB of approximately $38.6 billion. Litton Loan Servicing signed a consent order over their loan servicing practices.[8]

In April 2012, Ocwen closed on the purchase of approximately $22 billion of mortgage servicing rights from Saxon Mortgage Services, a unit of Morgan Stanley.[9] Saxon Mortgage signed consent orders with federal regulators because of its mortgage loan servicing practices.[8]

In June 2012, Ocwen completed its purchase of Aurora Bank's commercial servicing rights portfolio.[10]

In October 2012, Ocwen announced plans to buy Homeward Residential Holdings, Inc. from WL Ross & Co. for $750 million. Homeward consisted of the mortgage servicing from American Home Mortgage and Option One Mortgage.[11] The acquisition was finalized on December 27, 2012.[12] As a result of the acquisition, the Jacksonville, Florida site was closed laying off all 370 employees and 325 employees at Homeward's Coppell, Texas location were laid off.[13]

In October 2012, Ocwen also partnered with Walter Investment Management Corp. to place the winning $3 billion bid for Residential Capital's mortgage-servicing and origination assets at a bankruptcy auction.[14] Additionally, the company entered into an agreement with Genworth Financial Corp. to acquire Genworth Financial Home Equity Access Inc. for $22 million.[15]

In February 2012, Gleacher & Co. announced the sale of its mortgage unit ClearPoint to Ocwen.[16]

In June 2013, Ocwen Financial Corp. (OCN), a provider of loan and asset-management services, agreed to buy contracts to handle payment collections on about $78 billion of mortgages from OneWest Bank FSB for $2.53 billion.

On February 27, 2018, Ocwen Financial Corporation entered into definitive agreement to acquire PHH Corporation for $360 million.

On October 4, 2018 Ocwen Financial Corporation officially acquired PHH Corporation for approximately $360 million. Along with the acquisition, Ocwen announced Glen A. Messina would become the President and CEO and a member of Ocwen's Board of Directors.[17]

On June 6, 2019 Ocwen Financial Corporation/Ocwen Loan Servicing is merging all loans that are currently serviced by Ocwen Loan Servicing into PHH Mortgage which will fully disable Ocwen's current website https://www.ocwencustomers.com it will be changed to https://www.mortgagequestions.com and will fully change where payments are made for example current Ocwen Loan payments by mail are made to Texas but will now be made to people who pay by mail to NJ. Though Ocwen is no longer servicing loans the Ocwen brand lives on as when you call the Ocwen phone number "800-746-2836" you are greeted by "Welcome to PHH Mortgage Services An Ocwen Company Where Helping Homeowners Is What We Do" as you can see following the merger PHH Mortgage will continue to use the slogan when calling this number. The merger also allows more for both of the companies because PHH Mortgage does do actual new mortgages and refinance rather than Ocwen before just doing servicing of loans.

In 2015, Ocwen launched a website, Ocwen Cares, as a resource for homeowners to find solutions to better afford and stay current on their mortgage loans. Ocwen believes by helping customers remain in their homes and protect their largest asset, they help keep neighborhoods intact and communities strong. As part of Ocwen's “Help & Hope for Homeowners” initiative, the company works with non-profit organizations to host local borrower outreach events across the country to help families having trouble making their mortgage payments.[18] At these events, homeowners have the opportunity to meet one-on-one with Ocwen Home Retention Agents and housing counselors to discuss their situations and to receive information about potential options to help lower their mortgage payments. Nationwide, Ocwen has completed approximately 795,000 loan modifications and provided billions of dollars in principal forgiveness since January 2008.

In 2014, Ocwen established its Community Advisory Council, which provides a forum for Ocwen leaders and community advocates to share ideas, discuss policy issues and collaboratively identify opportunities for Ocwen to have a positive impact on local communities, particularly those hit hardest by the financial crises. The Community Advisory Council consist of 15 leading non-profit community advocates and housing counseling agencies from around the country.[19]

On October 4, 2018 Ocwen Financial completed its acquisition of PHH Corporation[20] and is now a wholly owned subsidiary of Ocwen Financial Corp.

Ocwen is a participant in the U.S. Treasury Department's Home Affordable Modification Program (HAMP), which is designed to use loan modifications to help homeowners facing foreclosure. Ocwen early on posted relative success in converting trial loan modifications to permanent ones, in part because it relied on verified income statements from borrowers rather than stated ones.[21]

In August 2010, Ocwen enacted a Shared Appreciation Modification (SAM) program that reduces a qualified delinquent borrower's principal to 95% of the home's current market value, but requires the homeowner to later share 25% of the home's appreciation with the investors when the home is eventually sold or refinanced. In 2011, Ocwen reported that it had modified more than 200,000 troubled loans since the mortgage crisis began in the mid-2000s.[22]

Altisource Portfolio Solutions S.A.

Traded as	NASDAQ: ASPS Russell 2000 Index component
Industry	financial services
Headquarters	Dunwoody
Website	www.ocwen.com

In August 2009, Ocwen completed the distribution of its Ocwen Solutions (OS) line of business via the spinoff of a separate publicly traded company called Altisource (NASDAQ: ASPS). Ocwen claimed that the Separation has allowed it to focus on its core servicing business and to respond better to initiatives and market challenges.

OS consisted of the former unsecured collections business, residential fee-based loan processing businesses and technology platforms as well as the international commercial loan servicing business conducted through Global Servicing Solutions, LLC (GSS) and the equity investment in BMS Holdings (subsequently changed to BHI Liquidation). With the exception of interests in GSS and BMS Holdings, Inc., Ocwen distributed the assets, liabilities, and operations of OS in the spinoff. Altisource specializes in Real Estate Owned (REO) and related business activities.[3]

Ocwen Financial Corporation spun off Home Loan Servicing Solutions (HLSS) in 2010. Founded by Ocwen Financial Corporation's Executive Chairman William Erbey, HLSS was created to acquire mortgage servicing assets including servicing rights, rights to fees, and other income from servicing loans.[23]

In February 2011, HLSS announced its plan for an initial public offering.[24] The company raised $186.2 million in its February 2012 IPO and is traded on NASDAQ.[25]