OCWEN FINANCIAL CORPORATION Ocwen Financial Corporation (NYSE:OCN), the nation’s largest independent mortgage servicer, announced today that it received 3-Star ratings, the highest rating possible, in all categories in the quarterly compliance review report issued on September 5, 2014 by Making Home Affordable-Compliance (MHA-C). MHA-C is the Compliance Agent responsible for evaluating and reporting to the U.S. Department of the Treasury on participating Mortgage Servicers’ HAMP compliance.
The report evaluates servicer performance in a range of categories related to processes and controls, including reaching out to investors who own mortgages, soliciting borrowers who may be eligible for HAMP, evaluating borrower eligibility, processing documents, underwriting loan modifications, and maintaining strong fraud controls and quality assurance.
“We’re proud of achieving this significant milestone for Ocwen, which demonstrates that our infrastructure and processes are robust and support best-in-class service levels for borrowers,” said Ocwen CEO Ronald Faris. “We remain focused on continuous improvement in all of our business processes and will continue to invest in and develop our people, technology, analytics and compliance systems.”
Treasury’s HAMP program has been instrumental in Ocwen’s efforts to keep struggling borrowers in their homes. Since January 2008, Ocwen has helped over 450,000 families keep their homes with sustainable modifications, more than any other mortgage servicer, through both HAMP and non-HAMP programs. It has achieved this record in part through its partnerships with housing advocacy groups around the country, including the Homeownership Preservation Foundation (HPF) which works closely with the Treasury Department on its programs to help struggling homeowners.
“The Homeownership Preservation Foundation commends Ocwen for their industry leading mortgage servicing best practices including their innovative use of principal reduction and their partnerships with HUD certified private, non-profit housing counseling groups to help distressed homeowners stay in their homes. This new Treasury Department report affirms Ocwen’s proactive and long-standing commitment to achieve the highest level of customer service and the positive impact that their best practices have both in the community and to their portfolio,” stated David Berenbaum, Chief Executive Officer of the Homeownership Preservation Foundation.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients' loans worth more. Additional information is available at www.Ocwen.com.
