Ocwen Hosts Fourth Community Advisory Council Meeting
February 12 2016 - 4:20PM
On Tuesday, February 9, 2016, Ocwen Financial Corporation
(NYSE:OCN) held the fourth meeting of the company’s Community
Advisory Council, a diverse group of national, regional, and local
non-profit housing counseling, community development, and civil
rights organizations. Ocwen President and CEO Ronald Faris, who
chairs the Council, led a constructive conversation about how to
maximize Ocwen’s impact in communities across the country in 2016.
During the full-day meeting, the Council addressed key issues
pertaining to the future of loss mitigation after the sunset of the
Home Affordable Mortgage Program (HAMP), as well as access to
mortgage credit. “Part of Ocwen’s mission has always been to help
homeowners, and the Community Advisory Council helps us fulfill
that commitment,” commented Ronald Faris, Ocwen President and CEO.
“These meetings are a valuable opportunity to get input about
problems communities are experiencing at the local level, and how
we might offer solutions as part of Ocwen’s growth strategy.”
Mark McArdle, Deputy Assistant Secretary in the Office of
Financial Stability at The Department of the Treasury, joined the
meeting to guide a discussion and answer questions about the
framework for a sustainable loan modification program once the Home
Affordable Modification Program (HAMP) is no longer operative. HAMP
is scheduled to expire in December 2016.
Ocwen also solicited advice from the Council on obstacles that
continue to exist for qualified homeowners who are attempting to
access mortgage credit. The Company is focused on expanding its
loan origination platform with originations of qualified mortgages,
and values the feedback the Council provided on potential new
mortgage products that could make mortgages more
attainable.
“The discussion around access to credit was very constructive,
and I was pleased that Ocwen solicited advice from the Council
Members as they develop their loan origination strategy. This
issue is a priority for the National Council for La Raza,” stated
Lot Diaz, Vice President, Housing and Community Development at the
National Council for La Raza. “Too many qualified borrowers are
having difficulty accessing credit - Ocwen understands this problem
and is working to help those in need.”
In 2015, Ocwen completed approximately 84,500 loan
modifications, of which 47 percent included a reduction in
principal. Since 2008, Ocwen has helped more than 627,000 families
avoid foreclosure.
For more information on what Ocwen is doing to help keep
borrowers in their homes, visit www.OcwenCares.com. Ocwen plans to
host its next meeting in September 2016 in Washington
D.C.
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 West Palm Beach, Florida, with offices throughout the United
States and support operations in India and the Philippines.
Utilizing proprietary technology, global infrastructure and
superior training and processes, Ocwen provides solutions that help
homeowners and make our clients' loans worth more. Additional
information is available at www.Ocwen.com.
FOR FURTHER INFORMATION CONTACT:
Media:
Emily Kiggins
T: (202) 973-5312
E: ekiggins@levick.com
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