After Unloading nearly $64.4 Billion In Servicing Rights, Ocwen Still Faces Problems
Last week on the heels of Ocwen’s announcement that it was selling $45 Billion in mortgage servicing rights to JPMorgan Chase, Ocwen announced it was selling $9.6 Billion in servicing rights to Walter Investment Management Corporation, the parent company of Green Tree Loan Servicing.
This is on top of this, the servicing company also sold $9.8 billion in mortgage servicing rights to Nationstar Mortgage Holdings in February.
Selling off $64.4 Billion in servicing rights may not be enough to cure the servicer’s problems.
The company also announced after the market closed on Monday that it had been threatened with a possible delisting by the New York Stock Exchange for failing to file its 2014 annual financial statement on time. The Florida-based servicer also admitted that it didn’t know when it would be filing the statements.
According to the Wall Street Journal Ocwen, “claimed that the principal reason it had missed deadlines to make the disclosures was because it needed more time “to analyze and review” an affiliated company that finances the purchase of mortgage-servicing rights. The company is looking into whether the company, Home Loan Servicing Solutions Ltd., has the “ability to continue to meet its obligations to fund new servicing advances.”
Ocwen’s stock price has lost nearly 80% of its value since September.
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