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Ocwen Financial is making progress to settle allegations against it, but that does not mean it will be cheap, one analyst says. The current servicing freeze in the industry has grown so serious that some say it may be delaying the governments goals to expand the availability of mortgage credit.
November 6 -
Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.
October 30 -
New York banking regulator Benjamin Lawsky's latest crackdown on Ocwen Financial may undo Ocwen's deal to buy billions of dollars of mortgage-servicing rights from Wells Fargo, and it could complicate similar deals involving other banks and servicers.
October 22 -
The New York regulator questioned Ocwen's ability to handle more volume after an independent monitor reviewed the mortgage servicer's operations, a person familiar with the situation says.
February 6
Ocwen Financial and Wells Fargo have terminated their planned mortgage-servicing deal, Wells said in a press release Thursday.
The parties mutually canceled the troubled transaction, the release said. Wells said the cancellation would have no effect on its financial results.
An 8-K filing by Ocwen states the company will receive back its entire $25 million deposit.
Wells had
Ocwen Financial last month said it had taken a $100 million charge for a potential settlement for the servicing violations and posted a third-quarter loss.
Wells Fargo is based in San Francisco, and Ocwen has its headquarters in Atlanta.
