Ocwen Financial Drops The Name Ocwen. It Will Now Operate As PHH Mortgage And Liberty Home Equity Solutions
Ocwen Financial announced earlier this week it was following in the footsteps of Nationstar and changing their name. The company says that it has developed a plan to service loans through two primary brands. The mortgage servicer announced they would operate as PHH Mortgage for forward servicing and lending and Liberty Home Equity Solutions for reverse lending and servicing.
Ocwen Financial said it has completed the final phase of transferring approximately one million loans from REALServicing to Black Knight LoanSphere. The company announced it was transferring the loans back in 2017. A CFPB lawsuit revealed a host of issues that Ocwen’s head of servicing described as “ridiculous” and a “train wreck.”
It seems as if that disaster is finally behind the mortgage giant. Ocwen is now focused on the completion of the final phases of its $360 million acquisition of PHH Mortgage.
The company said it plans to evaluate branding alternatives now that the two companies have officially merged. Ocwen Financial named Glen Messina, the former CEO of the embattled and dying PHH Mortgage as CEO.
Messina told Housingwire:
The successful completion of the loan transfers and legal entity consolidation are the most important milestones in the PHH integration. Completion of these critical activities serves as a catalyst for continued growth. The conversion to MSP consolidates all loans onto a single, industry-leading servicing platform and enables us to drive future enhancements for our customers, investors, and employees. Overall, I am pleased with our progress to date on delivering on our objectives to strengthen and position the company for a return to profitability.
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