Ocwen Delivers Borrowers Solutions Through the U.S. Department of the Treasury’s New Streamlined Modification Program
July 08 2016 - 8:15AM
Ocwen Financial Corporation (NYSE:OCN), a leading financial
services holding company, today announced that the Company has
initiated over 14,000 trial plans to borrowers under the U.S.
Department of the Treasury’s streamlined modification program that
launched in January 2016. Over 4,100 of the trial plans afforded to
homeowners struggling with their mortgage payments have already
been converted to permanent modifications.
The U.S. Department of the Treasury broadened the Home
Affordable Modification Program (HAMP) to include a “streamlined”
modification process designed to further assist borrowers who meet
basic HAMP eligibility criteria but had not yet entered the initial
program.
“Ocwen is excited about the additional families we have been
able to reach through this new HAMP program. We will continue to
assist struggling homeowners prior to the sunset of the HAMP
program,” commented Ron Faris, President and CEO of
Ocwen. “Ocwen is proud of its commitment and ability to help
its customers remain in their homes, and this streamlined
modification process allows more borrowers to obtain financial
assistance through responsible loan modifications.”
Ocwen has been a HAMP participant since the program’s inception
in 2009 and was an early adopter of the streamline modification
program. As reported by the U.S. Department of the Treasury,
through March 31, 2016, Ocwen has helped homeowners stay in their
homes by modifying approximately 320,000 loans through the HAMP
program – more than any other mortgage servicer. Modifications
completed by Ocwen account for 20 percent of the total
modifications completed by all mortgage servicers under the
program.
“The success of the HAMP program has proven to be a huge benefit
to both homeowners and communities hard hit by the housing crisis.
We are proud to be an integral part of that success, and we intend
to dedicate the necessary resources to ensure that the program
continues to accomplish its goals in the final year,” added
Mr. Faris.
“Ocwen is playing a critical role in helping borrowers better
afford their homes and improve their financial health,” commented
David Berenbaum, Chief Executive Officer, Homeownership
Preservation Foundation (HPF). “HPF connects Ocwen mortgage holders
with HUD-certified housing counselors who help homeowners avoid
foreclosure. HPF network counselors have helped more than 11,000
Ocwen customers increase their monthly cash-flow by an average $300
per month, and improve their credit score by reducing debt. Ocwen’s
best practices in mortgage modification and related consumer
outreach are helping more consumers sustain homeownership.
HPF runs the “HOPE” hotline (888-995-HOPE) in partnership with
the U.S. Department of the Treasury’s and HUD’s Making Home
Affordable program.
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).
FOR FURTHER INFORMATION CONTACT
Media
John Lovallo
jlovallo@levick.com
917-612-8419
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