{"id":658,"date":"2010-06-25T13:18:56","date_gmt":"2010-06-25T13:18:56","guid":{"rendered":"http:\/\/www.nyonlinerealty.com\/blog\/?p=658"},"modified":"2010-06-25T14:19:15","modified_gmt":"2010-06-25T14:19:15","slug":"ocwens-hamp-trials-adhere-to-3-month-timeframe","status":"publish","type":"post","link":"https:\/\/blog.nyonlinerealty.com\/?p=658","title":{"rendered":"Ocwen&#8217;s HAMP Trials Adhere to 3-Month Timeframe"},"content":{"rendered":"<div id=\"articleColumn1\">\n<p><a href=\"http:\/\/www.ocwen.com\/\" target=\"_blank\">Ocwen Financial Corporation<\/a>, a Florida-based servicer of subprime mortgages, continues to find its name at the top of the list of key performance metrics when it comes to the federal government\u2019s Home Affordable Modification Program (HAMP).<\/p>\n<p>The U.S. Treasury\u2019s just-released <a href=\"http:\/\/www.financialstability.gov\/docs\/May\" target=\"_blank\">HAMP record card<\/a> MHA Public 062110.pdf puts Ocwen in the upper echelon on several critical fronts, including a new metric introduced this month, trial length at conversion.<\/p>\n<p>HAMP trials were intended to span a three-month period, according to Treasury guidance, at which time a borrower can be converted to a permanent modification. But nearly all participating servicers\u2019 trial plans are significantly longer, extending up to seven months for some of the largest banks.<\/p>\n<\/div>\n<div id=\"articleColumn2\">\n<p>Ocwen is one of only two servicers who have been able to achieve a three-month turn time on trial to permanent conversions \u2013 the other being Wachovia FSB, according to the Treasury report.<\/p>\n<p>Similarly, only 10 percent of Ocwen\u2019s trial modifications were initiated six or more months ago \u2014 the lowest aging rate of all servicers and in stark contrast to several larger participants whose aging rates exceed 50 percent.<\/p>\n<p>Ocwen\u2019s trial-to-permanent conversion rate for May held steady at 83 percent, second only to HomEq Servicing\u2019s 86 percent. Last month, Ocwen announced its <a href=\"http:\/\/www.dsnews.com\/articles\/ocwen-buys-homeq-servicing-for-13-billion-2010-05-28\" target=\"_blank\">impending acquisition of HomEq<\/a> from Barclays Bank, expected to close in the third quarter this year. The combined servicing operations, with an aggregate servicing portfolio of over $80 billion, will make Ocwen among the largest independent servicers.<\/p>\n<p>Ronald Faris, Ocwen\u2019s president, says his company\u2019s success with loan modifications stems from a more than 20-year track record servicing high-risk loans and the firm\u2019s proprietary technology.<\/p>\n<p>This technology, Faris said, \u201callows us to modify mortgages for distressed homeowners so they\u2019re affordable on a sustainable basis while at the same time generating more cash flow to investors than they would get from a foreclosure.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ocwen Financial Corporation, a Florida-based servicer of subprime mortgages, continues to find its name at the top of the list of key performance metrics when it comes to the federal government\u2019s Home Affordable Modification Program (HAMP). The U.S. Treasury\u2019s just-released HAMP record card MHA Public 062110.pdf puts Ocwen in the upper echelon on several critical [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[182],"class_list":["post-658","post","type-post","status-publish","format-standard","hentry","category-articles","tag-ocwen"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=\/wp\/v2\/posts\/658"}],"collection":[{"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=658"}],"version-history":[{"count":9,"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=\/wp\/v2\/posts\/658\/revisions"}],"predecessor-version":[{"id":661,"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=\/wp\/v2\/posts\/658\/revisions\/661"}],"wp:attachment":[{"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.nyonlinerealty.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}