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Ocwen Economic Reviews on Summary of Mediation With the Buyer Economic Protection Bureau

6 min read
Ocwen Economic Reviews on Summary of Mediation With the Buyer Economic Protection Bureau
Ocwen Economic Reviews on Summary of Mediation With the Buyer Economic Protection Bureau

WEST PALM Beach front, Fla., Jan. 06, 2021 (Globe NEWSWIRE) — Ocwen Financial Company (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage loan servicer and originator, right now issued the adhering to statement in reaction to the mediator’s see that the Company’s court-purchased mediation with the Buyer Monetary Safety Bureau (“CFPB” or “Bureau”) experienced concluded. The parties were not able to access a settlement connected to the lawsuit submitted by the CFPB in 2017 against the Firm relating to specific legacy servicing things to do.

“We are upset that settlement conversations with the CFPB did not resolve this matter, in specific due to the fact we have settled all condition regulatory steps submitted towards Ocwen in April 2017, most recently as a result of a settlement arrived at with the Point out of Florida in Oct 2020. We engaged with the Bureau in excellent faith all over the system of mediation and numerous similar discussions and took all steps in an endeavor to achieve a reasonable and sensible resolution. We remain steadfast in our perception that the CFPB’s claims about Ocwen’s earlier servicing tactics are unsubstantiated and the Bureau’s settlement calls for do not reflect the merits of this scenario. Although we keep on being committed to attempting to take care of this matter prior to trial, our pending movement for summary judgment filed on June 5, 2020 supports our position on this make a difference, and we will proceed to vigorously defend ourselves likely forward.”

The Organization improved its authorized and regulatory accrual similar to the CFPB make a difference by $13.1 million in the fourth quarter of 2020 resulting from its endeavours to resolve the issue in mediation.

About Ocwen Monetary Corporation

Ocwen Economic Corporation (NYSE: OCN) is a leading non-financial institution mortgage loan servicer and originator furnishing alternatives by way of its principal brand names, PHH Home loan and Liberty Reverse Mortgage. PHH Home finance loan is one of the most significant servicers in the country, focused on offering a wide variety of servicing and lending courses. Liberty is a person of the nation’s most significant reverse house loan loan companies committed to training and furnishing financial loans that help consumers satisfy their personal and fiscal demands. We are headquartered in West Palm Seaside, Florida, with offices in the United States and the U.S. Virgin Islands and functions in India and the Philippines, and have been serving our clients considering that 1988. For added details, be sure to pay a visit to our internet site ( www.ocwen.com ).

Ahead-On the lookout Statements

This push release includes ahead-wanting statements inside of the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended. These forward-on the lookout statements might be recognized by a reference to a foreseeable future time period or by the use of ahead-seeking terminology. Forward-looking statements are typically identified by text these as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs this kind of as “will”, “may”, “should”, “could” or “would” or the unfavorable of these terms, while not all forward-seeking statements include these words and phrases. Ahead-on the lookout statements by their nature deal with matters that are, to different levels, unsure. We are in the midst of a period of money markets volatility and enduring considerable modifications within the mortgage loan lending and servicing ecosystem which have magnified this sort of uncertainties. Audience need to bear these aspects in head when thinking of these kinds of statements and really should not place undue reliance on this kind of statements.

Forward-hunting statements include a amount of assumptions, pitfalls and uncertainties that could bring about precise final results to differ materially. In the earlier, actual benefits have differed from those recommended by ahead seeking statements and this may possibly happen again. Significant aspects that could trigger actual results to differ materially from all those recommended by the ahead-wanting statements involve, but are not limited to, uncertainty relating to the long run impacts of the COVID-19 pandemic, together with with respect to the response of the U.S. federal government, point out governments, the Federal Nationwide Property finance loan Affiliation (Fannie Mae), the Federal Home Bank loan Property finance loan Corporation (Freddie Mac, and jointly with Fannie Mae, the GSEs), the Govt National Property finance loan Association (Ginnie Mae) and regulators, as well as the potential for ongoing disruption in the money marketplaces and in business activity generally, greater unemployment, and other money complications experiencing our debtors impacts on our functions ensuing from worker illness, social distancing measures and our change to bigger utilization of distant get the job done arrangements the adequacy of our fiscal methods, which include our resources of liquidity and means to sell, fund and recuperate servicing advances, ahead and reverse full financial loans, and HECM and ahead bank loan buyouts and place backs, as well as repay, renew and prolong borrowings, borrow added amounts as and when needed, fulfill our MSR or other asset expenditure aims and comply with our financial debt agreements, including the monetary and other covenants contained in them amplified servicing expenses centered on amplified borrower delinquency concentrations or other elements our capability to collect anticipated tax refunds, such as on the timeframe anticipated the future of our prolonged-expression partnership and remaining servicing agreements with New Household Expenditure Corp. (NRZ), our ability to execute an orderly and timely transfer of tasks in connection with the beforehand disclosed termination by NRZ of the PMC subservicing arrangement, which include our potential to answer to any considerations elevated by regulators, creditors and other contractual counterparties in link with this sort of transfer our capability to timely change our price tag composition and operations as the personal loan transfer procedure is getting accomplished in reaction to the formerly disclosed termination by NRZ of the PMC subservicing agreement our potential to continue on to enhance our money efficiency through expense re-engineering efforts and other steps our means to go on to expand our origination organization and enhance our origination volumes in a competitive industry and uncertain desire amount setting uncertainty relevant to promises, litigation, cease and desist orders and investigations introduced by govt organizations and private functions concerning our servicing, foreclosure, modification, origination and other tactics, together with uncertainty related to previous, present or future investigations, litigation, cease and desist orders and settlements with state regulators, the Buyer Economical Protection Bureau (CFPB), State Lawyers Common, the Securities and Exchange Commission (SEC), the Division of Justice or the Section of Housing and Urban Development (HUD) and steps brought below the Phony Promises Act pertaining to incentive and other payments manufactured by governmental entities adverse results on our organization as a end result of regulatory investigations, litigation, stop and desist orders or settlements and connected responses by crucial counterparties, including loan providers, the GSEs and Ginnie Mae our ability to comply with the conditions of our settlements with regulatory organizations, as nicely as standard regulatory prerequisites, and the expenses of carrying out so amplified regulatory scrutiny and media awareness any adverse developments in current lawful proceedings or the initiation of new legal proceedings our potential to interpret properly and comply with liquidity, web value and other fiscal and other requirements of regulators, the GSEs and Ginnie Mae, as nicely as those established forth in our credit card debt and other agreements our potential to comply with our servicing agreements, together with our means to comply with our agreements with, and the requirements of, the GSEs and Ginnie Mae and manage our vendor/servicer and other statuses with them our potential to fund upcoming attracts on existing financial loans in our reverse home finance loan portfolio our servicer and credit score rankings as nicely as other actions from a variety of score agencies, including the effects of prior or upcoming downgrades of our servicer and credit score ratings as properly as other hazards and uncertainties detailed in Ocwen’s reviews and filings with the SEC, which includes its once-a-year report on Form 10-K for the year ended December 31, 2019 and its recent and quarterly stories since this sort of date. Anybody wishing to realize Ocwen’s organization must assessment its SEC filings. Our ahead-searching statements talk only as of the date they are created and, we disclaim any obligation to update or revise ahead-hunting statements regardless of whether as a outcome of new facts, long term situations or or else.

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