Provided by GlobeNewswire
Jan 6, 2021 11:30 AM UTC
WEST PALM BEACH, Fla., Jan. 06, 2021 (GLOBE NEWSWIRE) Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today issued the following statement in response to the mediator’s notice that the Company’s court-ordered mediation with the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) had concluded. The parties were unable to reach a settlement related to the lawsuit filed by the CFPB in 2017 against the Company regarding certain legacy servicing activities.
“We are disappointed that settlement discussions with the CFPB did not resolve this matter, in particular since we have resolved all state regulatory actions filed against Ocwen in April 2017, most recently through a settlement reached with the State of Florida in October 2020. We engaged with the Bureau in good faith throughout the course of mediation and num
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Enters into definitive agreement with Oaktree to launch MSR investment vehicle; expected to add approximately $50 to $60 billion of subservicing
Oaktree may purchase up to 7.9% of newly issued Ocwen stock at closing
Awarded new contracts projected to add $30 to $40 billion in servicing
WEST PALM BEACH, Fla., Dec. 22, 2020 (GLOBE NEWSWIRE) Ocwen Financial Corporation (NYSE:OCN) ( Ocwen or the Company ), a leading non-bank mortgage servicer and originator, today announced significant developments on the Company s growth plans that are expected to generate approximately $80 to $100 billion of new servicing UPB in the aggregate.
Ocwen has entered into a definitive agreement with funds managed by Oaktree Capital Management, L.P. (collectively, Oaktree ) to form a strategic relationship that will acquire and hold mortgage servicing rights ( MSRs ) through a licensed entity, or MSR asset vehicle ( MAV ). The newly-formed company is expected to invest up to $250 million of
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