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Ocwen Sees Improvement in Pre-Foreclosure Resolution.(Ocwen Financial Corp.)(Brief Article)
Ocwen Financial Corp., a specialist in managing nonperforming mortgage loans, improved its ability to resolve problem loans last year even as it doubled the size of its portfolio.
Company chairman and CEO William Erbey told MSN that the company was able to find pre-foreclosure solutions for 77% of its loans that went 90 days or more past due in 2001, up from 72% a year earlier.
Resolving loans prior to foreclosure is key to improving loss mitigation.
"You don't want to have a loan go to REO," Mr. Erbey explained," he said. "Almost any resolution is better."
Most people want to keep their homes, so Ocwen has cultivated a consultative approach to try to persuade borrowers who are in or near default to come current or agree to a loan payoff resolution.
"If you work with them in a consultative approach, you're more likely to help them resurrect their credit than if you use the old fashioned approach and just threaten them for a while," Mr. Erbey said.
One of Ocwen's goals is to persuade borrowers, who typically are behind on consumer debt as well, to pay their mortgage first. By re-prioritizing debt, many can ...
- Loss Mitigation Is Cost Effective.
- Magazine article from: National Mortgage News APGAR, WILLIAM November 8, 1999 700+ words
...effectiveness of the FHA's loss mitigation program, which provides single...audit report on the single family loss mitigation program. As stated in the Executive Summary, the use of loss mitigation is indeed rising exponentially...
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...delinquent loans by implementing aggressive loss-mitigation programs. Whereas traditional servicing...to 1,000 loans per employee), loss mitigation is a highly labor-intensive business...Servicing executives generally resist loss-mitigation activity for several reasons. Loss...
- TNLMA[TM] Announces Official Launch of National Loss Mitigation...
- Newspaper article from: Investment Weekly News March 28, 2009 700+ words
...the first national association for Loss Mitigation and Loan Modifications founded to...meeting the growing public demand for loss mitigation services. "TNLMA™...education of policymakers for the loss mitigation industry is vital to the stability...
- Managing to cushion the blow. (mortgage servicing industry's loss mitigation...
- Magazine article from: Mortgage Banking Hoff, John R. February 1, 1997 700+ words
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- Press release article from: Business Wire March 19, 2009 700+ words
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- Firm Offering More in the Way of Loss Mitigation Services.
- News wire article from: Mortgage Line Harmon, Jennifer November 7, 2008 700+ words
...foreclosure each day, successful loss mitigation is of critical importance in today...industry know it has expanded its loss mitigation package to include its notary service...been reported that 50% to 60% of loss mitigation packages are not returned from the...
- Fitch Ratings Reports on U.S. RMBS Loss Mitigation Strategies.
- Press release article from: Business Wire October 14, 2003 700+ words
...released a report on residential mortgage loss mitigation strategies. In today's servicing...by the borrower is the servicers' loss mitigation practices while working with borrowers...foreclosure. Servicers have long relied on loss mitigation techniques to avoid or lessen the...
Source: HighBeam Research, Ocwen Sees Improvement in Pre-Foreclosure Resolution.(Ocwen Financial...