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Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.
May 7 -
Ocwen Financial's shares jumped 19% to more than $10 a share as of late morning Friday, the day after it reported a first-quarter profit and highlighted an expansion into mortgage lending.
May 1 -
Ocwen Financial has delayed filing its 2014 results and announced the sale of more servicing rights.
March 18
JPMorgan Chase has purchased $45 billion in servicing rights from the embattled mortgage firm Ocwen Financial.
Ocwen had announced the planned sale
"Buying this prime servicing book will improve the quality of our servicing portfolio and will help drive a stronger and less volatile mortgage business," Kevin Watters, JPMorgan's chief executive of mortgage banking, said in the release. "We expect the portfolio, in addition to lower delinquency rates overall, will help improve the value of our business."
The portfolio will begin changing hands June 1, the release said.
Fannie Mae and the Federal Housing Finance Agency approved the deal, a spokesman for Ocwen said in an email Thursday. The sale "furthers Ocwen's corporate strategy of reducing the size of the company's agency servicing portfolio," the email said.
