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VA Restarts REO Loans.
The Department of Veterans Affairs is starting up its vendee program again so it can finance buyers of its foreclosed properties.
VA abandoned its financing program for REO (real estate-owned) under pressure from the Bush administration in January 2003.
However, Congress re-authorized the vendee program and it will enable the agency's REO contractor, Ocwen Federal Savings Bank, West Palm Beach, Fla., to provide seller financing.
"The vendee program is up again," VA director Keith Pedigo said. Ocwen is currently listing about 12,000 VA properties and those properties will be offered for sale with vendee financing, the director of VA's loan guarantee services said.
Ocwen will process the loan applications and approve the vendee loans under VA oversight.
Separately, Ocwen announced it has started a pilot program to offer its servicing rights customers the opportunity to refinance their loans.
"By offering this service, we hope to generate additional income and retain our servicing customer base. Thus, partially hedging our risk to increasing prepayment speeds," Ocwen president Ronald Faris said. The federally chartered thrift will fund the loans and sell them after a period of time. Ocwen has a $37.7 billion subprime servicing portfolio.
- VA Terminates Vendee Program.
- Magazine article from: Mortgage Servicing News March 1, 2003 700+ words
...of Management and Budget has been trying to shut down the vendee program for the past two years. But the VA had resisted on the...Until the administration can provide a study to show the vendee program is not of financial benefit to the department, the committee...
- Ocwen Buying Subprime REIT Specialist for $90 Million.(Brief Article)
- Magazine article from: National Mortgage News AVIDON, ERIC August 2, 1999 700+ words
West Palm Beach, FL-Ocwen Financial Corp. here has reached a definitive agreement to acquire Ocwen Asset Investment Corp. for approximately $96 million. Ocwen Financial is a $3.13 billion financial institution that acquires, services...
- Ocwen Financial Corporation Proposes Business Combination with Ocwen Asset...
- Press release article from: PR Newswire April 16, 1999 700+ words
...BEACH, Fla., April 16 /PRNewswire/ -- Ocwen Financial Corporation (NYSE: OCN) announced...has proposed to the Board of Directors of Ocwen Asset Investment Corp., a publicly traded...the possible business combination between Ocwen Financial and Ocwen Asset Investment Corp...
- Ocwen Builds a Call Center with Plenty of Room to Grow.(Brief Article)
- Magazine article from: Mortgage Servicing News October 1, 2000 700+ words
A little over a year ago, Ocwen opened its new call center in Orlando...for growth, in more ways than one. Ocwen currently has grown to about 400 employees...the technology is scale-able to allow Ocwen room to grow its servicing portfolio...
- Ocwen Asset Investment Corp. Announces Receipt of Proposal from Ocwen Financial...
- Press release article from: PR Newswire April 16, 1999 700+ words
...BEACH, Fla., April 16 /PRNewswire/ -- Ocwen Asset Investment Corp., a publicly traded...today that it received a proposal from Ocwen Financial Corporation (NYSE: OCN) regarding a possible business combination between Ocwen Financial and Ocwen Asset Investment Corp...
- OCWEN ANNOUNCES 1ST HOSTED, MANAGED CISCO VOICE OVER IP CTR.
- News wire article from: AsiaPulse News December 9, 2004 700+ words
...BUSINESS WIRE)--Dec. 9, 2004--Ocwen (NYSE:OCN), a process management solutions...implemented rapidly with no capital investment. Ocwen's Advanced Contact Center Enterprise...switched VoIP implementation in the world, Ocwen's contact center solution also is completely...
- Ocwen Awarded Highest Commercial Special Servicer Rating by Standard & Poor's
- Press release article from: PR Newswire August 20, 1997 700+ words
...BEACH, Fla., Aug. 20 /PRNewswire/ -- Ocwen Federal Bank FSB a wholly owned subsidiary of Ocwen Financial Corporation (NYSE: OCN) has received...mortgage loans. In a recently issued report, Ocwen was assigned the rating of "Strong" becoming...
- Ocwen Financial Corporation Expands Servicing Business to Italy; Joins Forces...
- Press release article from: Business Wire December 8, 1999 700+ words
...BUSINESS WIRE)--Dec. 8, 1999-- Ocwen Financial Corporation (NYSE:OCN) announced...ownership in a newly formed company, Ocwen.FBS SpA, which will be the first international...mortgage loan servicer in the Italian market. Ocwen.FBS SpA integrates two organizations...
