Ocwen and NID Announce California-Focused Homeowner Initiative
June 30 2016 - 4:15PM
Ocwen Financial Corporation (NYSE:OCN), a leading financial
services holding company, and NID Housing Counseling Agency (NID),
a U.S. Department of Housing and Urban Development (HUD)-approved
counseling organization headquartered in Oakland, CA, announced
today a formal collaboration aimed at fostering homeownership and
preventing foreclosure. The initiative, which will focus on
low-to-moderate income and minority communities in California, will
kick off with an outreach event in San Bernardino, CA on Saturday,
July 23, 2016.
The upcoming Ocwen and NID outreach event will give distressed
homeowners the opportunity to meet face-to-face with Ocwen home
retention agents and certified NID housing counselors to explore
options to make their mortgages more affordable through sustainable
loan modifications.
Since 2008, Ocwen has helped more than 625,000 families avoid
foreclosure. In California alone, Ocwen has granted more than
80,000 loan modifications, of which 51 percent received a principal
reduction.
“NID and Ocwen share a commitment to improving lives through
sustainable homeownership,” said Ray Carlisle, President of NID.
“We understand the pride and gratification derived from owning a
home and the devastating consequences of losing it to foreclosure.
The foreclosure process does not just harm borrowers, but entire
families and communities. We are proud to be joining together with
Ocwen to address this issue head-on in many communities throughout
California.”
NID has worked with approximately 1,250 homeowners annually over
the last eight years and the average national loan balance for its
clients is $135,000. Successful loan modifications for these
families represent more than $168 million in home value – thus
keeping wealth concentrations within local neighborhoods and
mitigating against destabilization and other deleterious effects of
the housing market crisis.
Ocwen services more than 265,000 mortgages in the state of
California, including 15,000 that are delinquent.
Additionally, many borrowers in hard hit communities have
outstanding mortgage balances that exceed the current value of
their homes. These borrowers may be able to benefit from loan
modifications involving principal reductions. Ocwen leads the
industry in appropriate loan modifications including principal
reductions and is making every effort to utilize the U.S.
Governments’ HAMP program prior to its expiration at the end of
2016.
“Ocwen and NID know firsthand that the housing crisis is not
over in many communities in California,” said Jill Showell, Senior
Vice President of Government and Community Relations at Ocwen. “We
have seen the relief on borrowers’ faces when they have the
opportunity to speak face-to-face with our agents and HUD-approved
counselors to talk through various modification options. NID has a
strong reputation in California and, together, we are committed to
reaching as many borrowers as possible to make a real difference in
their lives.”
Homeowners who attend the event and meet with a HUD-certified
NID counselor will receive the following:
- Assistance with preparing their Request for Mortgage Assistance
(RMA) package;
- Information on borrower eligibility for state and federal
foreclosure assistance programs;
- Counsel on possible mortgage solutions tailored to fit their
unique situations; and
- Information on free, follow-up housing counseling and education
with NID.
For additional details about the July 23 event in San
Bernardino, CA, call the NID hotline at 866-993-4643 or Ocwen’s
direct access number for this event at 855-459-2514.
About Ocwen Financial CorporationOcwen
Financial Corporation is a financial services holding company
which, through its subsidiaries, originates and services loans. We
are headquartered in West Palm Beach, Florida, with offices
throughout the United States and in the U.S. Virgin Islands and
operations in India and the Philippines. We have been serving our
customers since 1988. We may post information that is important to
investors on our website (www.Ocwen.com).
About NIDNID-HCA is a diverse, centralized
network of advocacy groups and individuals, organizations, housing
counselors, real estate professionals, community groups, civic
organizations and faith-based organizations committed to ensuring
fair housing opportunities for all, especially in underserved
urban/minority communities throughout the country. As an advocacy,
policy, education, and resource network, NID-HCA works to provide
its partners and the communities they serve with information,
services, and products to assist them in increasing access to
quality housing and mortgage products, and curbing housing
inequities.
Media
John Lovallo
jlovallo@levick.com
917-612-8419
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