nyse ocn industry financial services mortgage founded february 1988 february 1988 headquarters west palm beach florida key people barry n. wish chairman ronald m. faris president and ceo revenue us 18.0 billion 513.7 million q3 2014 net income us 58.7 million q3 2014 number of employees 15 610 december 2014 website ocwen.com ocwen financial corporation is a provider of residential and commercial mortgage loan servicing special servicing and asset management services . ocwen is headquartered in west palm beach florida with additional offices in fort washington pennsylvania orlando florida houston texas waterloo iowa st. croix u.s. virgin islands and washington d.c. . it also has support operations in philippines and india . 1 contents 1 corporate affairs 1.1 key acquisitions 1.2 making home affordable program 1.3 altisource spin off 1.4 home loan servicing solutions spin off 2 employees 3 controversies 4 references 5 external links corporate affairs edit ocwen is licensed to service mortgage loans in all 50 states the district of columbia and two u.s. territories . ocwen has been servicing residential mortgage loans since 1988 and subprime mortgage loans since 1994 . as of 2010 ocwen s subprime servicing volume was 56 billion ranking it fourth in subprime servicing behind american home servicing 78 billion bank of america countrywide 82 billion and chase home finance 90 billion . 2 as of december 31 2011 ocwen had serviced 671 623 residential loans with an aggregate unpaid principal balance upb of 102.2 billion . 3 as of february 26 2014 with rights to service a mortgage portfolio of over 500 billion 4 in upb it is the biggest non bank servicer of us mortgages 5 key acquisitions edit in june 2013 ocwen financial ocn the nation s fourth largest mortgage servicer bought the rights to service 78 billion in mortgages from onewest bank the former indymac bancorp. in september 2010 ocwen through ocwen loan servicing llc ols a wholly owned subsidiary of ocwen acquired the u.s. non prime mortgage servicing business of barclays bank plc known as homeq servicing . 6 while the transaction did not result in the transfer of ownership of any legal entities ols acquired the mortgage servicing rights msrs and associated servicer advances of the business as well as the servicing platforms based in sacramento california and raleigh north carolina for an initial aggregate purchase price of 1.2 billion . 3 with the close of the homeq acquisition ocwen boarded onto its servicing platform approximately 134 000 residential mortgage loans with an aggregate upb of approximately 22.4 billion . in september 2011 ocwen completed its acquisition of outstanding partnership interests of litton loan servicing lp and certain interest only servicing securities previously owned by goldman sachs & co. from goldman sachs . following this 247.2 million worth acquisition ocwen became the largest subprime mortgage servicer in the u.s. 7 the litton acquisition increased ocwen s servicing portfolio by 245 000 residential mortgage loans with an aggregate upb of approximately 38.6 billion . litton loan servicing signed a consent order over their loan servicing practices . 8 in april 2012 ocwen closed on the purchase of approximately 22 billion of mortgage servicing rights from saxon mortgage services a unit of morgan stanley . 9 saxon mortgage signed consent orders with federal regulators because of its mortgage loan servicing practices . 8 in june 2012 ocwen completed its purchase of aurora bank s commercial servicing rights portfolio . 10 in october 2012 ocwen announced plans to buy homeward residential holdings inc. from wl ross & co. for 750 million . homeward consisted of the mortgage servicing from american home mortgage and option one mortgage . 11 the acquisition was finalized on december 27 2012 . 12 as a result of the acquisition the jacksonville florida site was closed laying off all 370 employees and 325 employees at homeward s coppell texas location were laid off . 13 in october 2012 ocwen also partnered with walter investment management corp. to place the winning 3 billion bid for residential capital s mortgage servicing and origination assets at a bankruptcy auction . 14 additionally the company entered into an agreement with genworth financial corp. to acquire genworth financial home equity access inc. for 22 million . 15 in february 2012 gleacher & co. announced the sale of its mortgage unit clearpoint to ocwen . 16 in june 2013 ocwen financial corp. ocn a provider of loan and asset management services agreed to buy contracts to handle payment collections on about 78 billion of mortgages from onewest bank fsb for 2.53 billion . making home affordable program edit ocwen is a participant in the u.s. treasury department s home affordable modification program hamp which is designed to use loan modifications to help homeowners facing foreclosure . ocwen early on posted relative success in converting trial loan modifications to permanent ones in part because it relied on verified income statements from borrowers rather than stated ones . 17 in august 2010 ocwen enacted a shared appreciation modification sam program that reduces a qualified delinquent borrower s principal to 95 % of the home s current market value but requires the homeowner to later share 25 % of the home s appreciation with the investors when the home is eventually sold or refinanced . in 2011 ocwen reported that it had modified more than 200 000 troubled loans since the mortgage crisis began in the mid 2000s . 18 altisource spin off edit in august 2009 ocwen completed the distribution of its ocwen solutions os line of business via the spin off of a separate publicly traded company altisource nasdaq asps . ocwen claimed that the separation has allowed it to focus on its core servicing business and to respond better to initiatives and market challenges . the two companies maintain a close relationship . os consisted of the former unsecured collections business residential fee based loan processing businesses and technology platforms as well as the international commercial loan servicing business conducted through global servicing solutions llc gss and the equity investment in bms holdings inc. subsequently changed to bhi liquidation inc. . with the exception of interests in gss and bms holdings inc. ocwen distributed the assets liabilities and operations of os in the spin off . altisource specializes in real estate owned reo and related business activities . this separation has allowed ocwen to focus on its core servicing business and to respond better to initiatives and market challenges . 3 home loan servicing solutions spin off edit ocwen financial corporation spun off home loan servicing solutions ltd. hlss in 2010 . founded by ocwen financial corporation s executive chairman william erbey hlss was created to acquire mortgage servicing assets including servicing rights rights to fees and other income from servicing loans . 19 in february 2011 hlss announced its plan for an initial public offering . 20 the company raised 186.2 million in its february 2012 ipo and is traded on nasdaq . 21 employees edit as of december 9 2014 ocwen reported as having 15 610 employees worldwide of which 1206 are employed in their u.s. facilities 4594 in their india operations centers and 359 in philippines . of their employees in india 2 186 are in the bangalore facilities and 2 406 are in the mumbai facilities . controversies edit in july 2002 kweku hanson a connecticut attorney initiated a class action suit against ocwen federal fsb of west palm beach florida and he was represented in this by fellow attorney paul ngobeni . the 123 page lawsuit in hanson v. ocwen federal bank outlines a six year running battle over late charges and fees . 22 he was joined in the suit by 57 individuals who claimed to have been injured by ocwen . the lawsuit sought 1.5 billion in punitive and exemplary damages but was settled out of court for an undisclosed sum . on dec 19 2013 the california attorney general kamala d. harris announced a 2.1 billion mortgage settlement with ocwen financial corporation and ocwen loan servicing llc ocwen over alleged mortgage servicing misconduct . california homeowners eligible to receive an estimated 268 million in first lien principal reductions and nearly 23 million in cash payments . 23 this agreement is with a total of 49 states with 2 billion used to cover loan modifications and principal reductions for the people who lost their homes between jan. 1 2009 and dec. 21 2012 and those people whose loans were serviced by ocwen . ocwen took advantage of borrowers at every stage of the process said richard cordray director of the federal consumer financial protection bureau . 24 a copy of the 67 page california complaint can be found here 25 a copy of the 173 page california consent order can be found here 26 ocwen federal bank fsb was liquidated by themselves in 2005 the fdic report is here 27 references edit ocwen financial corporation . retrieved 26 april 2012 . prior jon 4 august 2011 . ocwen set to become nation s largest subprime servicer . housingwire . retrieved 12 august 2011 . a b c fy2011 form10 k pdf . ocwen financial corporation . alloway tracy and hall camilla 13 feb 2014 home loan servicer ocwen builds an empire financial times retrieved on 25 feb 2014 available at http www.ft.com intl cms s 0 03c29384 94c6 11e3 9146 00144feab7de.html axzz2ujjnmojj alloway tracy 24 feb 2014 ocwen targets 1bn in new finance deal financial times retrieved on 25 feb 2014 available at http www.ft.com cms s 0 cd7fcc2c 9b11 11e3 946b 00144feab7de.html axzz2ujjnmojj nyse new york stock exchange listings listings directory ocwen financial corporation . retrieved 12 august 2011 . prior jon 24 october 2011 . ocwen swings to profit buys saxon mortgage services . housingwire . retrieved 25 october 2011 . a b http foreclosurehelpscc.wordpress.com 2013 04 29 litton and saxon mortgage servicing customers will start to receive checks from foreclosure review settlement on may 3rd 2013 nyse new york stock exchange listings listings directory ocwen financial corporation sec filings . retrieved 4 april 2012 . panchuk kerri 5 june 2012 . ocwen buys aurora bank . housingwire . retrieved 5 june 2012 . shah aman 3 october 2012 . ocwen to buy homeward residential from wl ross for 750 million . reuters . panchuk kerri ann 31 december 2012 . ocwen finalizes acquisition of homeward residential . carlisle candace 12 february 2013 . homeward residential inc. to lay off 325 workers in coppell addison . rothacker rick 24 october 2012 . ocwen walter win bankruptcy auction for rescap unit . reuters . ocwen pays 22m for top reverse mortgage lender . 1 november 2012 . faux zeke 15 february 2013 . gleacher decides against merger while selling clearpoint . bloomberg . retrieved 7 march 2013 . luhby tami 17 may 2010 . borrowers flunking out of trial mortgage modifications . cnnmoney . retrieved 12 august 2011 . franks krista 26 july 2011 . ocwen financial offers new loan modification program . dsnews.com . retrieved 12 august 2011 . franks krista 15 august 2011 . ocwen spin off prepares ipo . dsnews.com . retrieved 1 may 2012 . nasdaq markets ipos company financials & filings home loan servicing solutions ltd. hlss ipo . retrieved 1 may 2012 . home loan servicing solutions prices ipo at 14 shr underwriter . reuters . 28 february 2012 . retrieved 1 may 2012 . cbs news pdf http www.cbsnews.com htdocs pdf ocwensuit.pdf . missing or empty title help https oag.ca.gov news press releases attorney general kamala d harris announces 21 billion mortgage settlement ocwen http www.latimes.com business la fi ocwen settlement 20131219 0 3061881 . story axzz2qrykhtck http files.consumerfinance.gov f 201312 cfpb complaint ocwen.pdf http files.consumerfinance.gov f 201312 cfpb consent order ocwen.pdf https www5.fdic.gov edoblob mediator.aspx uniqueid 9100d6fe 2b74 4d5b b587 c4d14594092d external links edit official website retrieved from https en.wikipedia.org w index.php title ocwen & oldid 729662618 categories companies listed on the new york stock exchangefinancial