- Heather D.
Residential Servicing - Best-In-Class Servicing Performance
Ocwen is recognized by the industry and government agencies as a leader in servicing and loss mitigation. Ocwen has completed over 300,000 loan modifications since January 2008 with a re-default rate that is much lower than the industry average. Ocwen’s superior performance is demonstrated below:
- U.S. Department of the Treasury (December 2010) – Ocwen is the industry leader in converting trial modifications to permanent modifications under the government’s Home Affordable Modification Program (HAMP).
- J.P. Morgan (June 2010) – Ocwen was ranked first in their Quality Rank, which considers the number of loans always current 60+, always current to 30+ roll and loans modified.
- Deutsche Bank (May 2010) – Ocwen was ranked first in a measure called “Recovery Score,” which evaluates loss severity and the results of short sales and real estate owned sales based on the timeline to liquidate.
- Freddie Mac (August 2009) – Ocwen entered into an Interim Servicing Agreement with Freddie Mac to service 24,000 non-performing loans.
- Moody’s Investor Services (August 2009) – (August 2009) – Ocwen cures more delinquent loans than Moody’s "Strong Rated Servicers" and was selected as the specialty servicer for Freddie Mac’s new workout program for high-risk loans.
- Bank of America / Merrill Lynch (July 2009) – Ocwen leads the industry in roll rate from 90+ delinquent to current in both fixed rate and adjustable rate subprime loans.
- Freddie Mac (February 2009) – Ocwen selected as a Specialty Servicer for Freddie Mac’s New Workout Plan for High Risk Loans.
- Credit Suisse (September 2008) – – Ocwen scored the best performance in keeping borrowers current after delinquency for 2006 vintage subprime loans.