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Ocwen Sees Signs of Hope.
Byline: Amilda Dymi
West Palm Beach, FL-New data suggest a subprime market turn around may be around the corner.
Subprime mortgage servicer Ocwen Financial Corp. reports delinquencies on its subprime loan portfolio "flattened or declined this summer, in large measure due to its technology-enhanced loan modification program."
In addition, the company credited a proactive outreach that helped keep homeowners in their homes and continued to generate income for lenders and investors.
"While it's still too early to signal an end to the subprime mortgage crisis," Ocwen president Ronald M. Faris said, "this represents a welcome reversal of spiking delinquencies."
The company called the finding "a ray of hope in the subprime crisis" that suggests this type of practical approach helps protect homeowners, lenders and investors.
Ocwen reported delinquency rates in every category (60, 90 and 90-plus days) have either declined or remained flat over the last three months.
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Source: HighBeam Research, Ocwen Sees Signs of Hope.