Ocwen Outperforms Under The U.S. Department of the Treasury’s New Streamlined Modification Program
September 16 2016 - 06:59AM
Ocwen Financial Corporation (NYSE:OCN) announced today that
according to the recently released U.S. Department of the Treasury
Making Home Affordable Performance Program (MHA) Report, Ocwen is
the leader in helping struggling homeowners stay in their homes
through the Home Affordable Modification Program (HAMP).
The MHA Report, which provides results through the second
quarter of 2016, includes activity related to the new Streamline
HAMP modifications program. According to the MHA Report, during the
second quarter of 2016, Streamline HAMP modifications made up a
significant proportion of overall new HAMP modification activity.
Preliminary data suggests that Streamline HAMP is offering many
borrowers who have not previously participated in a MHA program a
new opportunity for a modification.
In the second quarter of 2016, the Streamline HAMP program
helped 7,811 families receive a loan modification. Ocwen was
responsible for 4,112 or 53% of the total Streamline HAMP
modifications completed industrywide. Since the inception of the
Streamlined HAMP modification program earlier this year, Ocwen has
helped approximately 19,000 homeowners in need initiate a trail
plan under the program.
The MHA Report also continues to show that Ocwen is a leader in
all HAMP programs. To date the company has:
- Granted a total of 324,939 loan modifications through the HAMP
program – 20% of all completed HAMP modifications.
- Completed 52% more HAMP modifications than the next best
servicer.
- Granted 48% of all HAMP Principal Reduction Modifications
completed industrywide.
"Ocwen is pleased to have assisted thousands of families
throughout the country in finding a responsible loan modification
through the HAMP programs," commented Ron Faris, President and CEO
of Ocwen. "HAMP remains an important option for homeowners
being impacted by financial hardship. Ocwen is proud of its
commitment to HAMP and our ability to help borrowers remain in
their homes through responsible modification programs – a goal that
will remain a priority for our company.”
Since January 1, 2008, Ocwen has granted over 680,000 loan
modifications, and the company continues to lead the industry in
offering innovative mortgage solutions.
The second quarter MHA Report also states Ocwen received
three-star ratings across all compliance categories, which is the
highest rated category, and was the best or second best mortgage
servicer in all secondary rating criteria.
“Ocwen is a new company with a management team and Board of
Directors that is committed to a culture of compliance and service
excellence,” added Mr. Faris. “We have made and continue to make
significant investments across our risk and compliance
infrastructure. We are also continuing to improve our service
levels as evidenced by the superior borrower assistance results
revealed in the recent MHA Report.”
About Ocwen Financial Corporation Ocwen
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
T: 917-612-8419
E: jlovallo@levick.com
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