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AUGUSTA — One of three lawyers facing possible discipline by the Maine Board of Overseers of the Bar for their handling of a revelation in 2010 that exposed a national mortgage-foreclosure crisis said Thursday that they were “shocked” and in “total disbelief” by what they learned....
Ocwen Financial Corp. is developing an origination channel through a strategic alliance with Lenders One, a mortgage cooperative with close ties to the servicer.
"Lenders One will be our primary origination network," Ocwen Executive Chairman William Erbey said at an investors meeting Dec. 3. The St. Louis-based co-op's members originate 12% of all U.S. mortgages.
"We can provide competitive pricing for their mortgages, retain the servicing and distribute the prepayment risk to other investors," Erbey said. "It is not our intention to hold this exposure long-term on our balance sheet."
Four years ago, Lenders One was acquired by Altisource Portfolio Solutions, a publicly-traded company that was spun off from Ocwen in 2009. In 2012, former Ocwen and Lenders One executives launched Correspondent One to acquire closed mortgages from nonbank lenders. The company was initially said to be privately held, with Ocwen as an investor, but the Correspondent One website now says it has been integrated into Ocwen's Homeward Residential Solutions business....
New York regulators halted Ocwen Financial’s deal to buy a mortgage servicing portfolio from Wells Fargo out of concern that the nonbank is growing too fast.
Ocwen said Thursday it had agreed “to put an indefinite hold” on its $2.7 billion purchase of the servicing rights from Wells at the request of Benjamin Lawsky, the superintendent of New York’s Department of Financial Services. Based in Atlanta, Ocwen has a New York bank charter.
“Ocwen will continue to work closely with [Lawsky’s department] to resolve its concerns about Ocwen’s servicing portfolio growth,” the company said in a press release. Bloomberg News had reported earlier Thursday that the deal was on hold....
Thu Feb 6, 2014 6:07pm EST
By Peter Rudegeair
Feb 6 (Reuters) - New York's top bank regulator has indefinitely halted Ocwen Financial Corp's purchase of the right to collect payments on a portfolio of mortgages from Wells Fargo & Co, a person familiar with the matter said on Thursday.
The New York Department of Financial Services, led by Superintendent Benjamin Lawsky, is concerned that Ocwen lacks the ability to handle the additional servicing load, the person said.
In January, Ocwen announced it was buying for an undisclosed sum the servicing rights to 184,000 Wells Fargo home loans with a total principal balance of $39 billion.
Lawsky's office has previously taken action against Ocwen. In December 2012, the department announced that it was requiring the Atlanta-based company to install a monitor to ensure Ocwen was meeting certain mortgage servicing guidelines.
Ocwen agreed to follow the mortgage servicing rules, such as ending robo-signing and other practices, to get the regulator's approval to purchase Goldman Sachs Group Inc's Litton Loan Servicing unit in September 2011.
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