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Ocwen Reaches $20 Billion Portfolio Mark With More Room To Grow.(Brief Article)
Ocwen Financial Corporation's portfolio of servicing rights recently hit $20 billion of non-conforming mortgages, and company president Ron Faris says there is plenty of room for further growth.
And the $20 billion portfolio makes Ocwen one of the largest, if not the largest, third-party servicer of loans that do not conform to agency underwriting standards.
The first quarter of this year was a good one for Ocwen's servicing shop, Mr. Faris said. The company reported $5.3 million in after tax earnings from loan servicing, a record for the company.
Ocwen has been involved in a number of servicing acquisition and subservicing deals recently, including the purchase of Metropolitan Mortgage's $1.8 billion servicing portfolio.
Because Ocwen is rated both for residential and commercial mortgage servicing, it can manage the unique challenges of handling a portfolio like Metropolitan's, which included a mix of commercial and residential loans.
Ocwen's servicing portfolio has essentially doubled in the past year, Mr. Faris said. Still, Ocwen's new 125,000 square foot servicing center, located in Orlando, Fla., is operating at only at 65% of capacity.
In addition, Ocwen's internally ...
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