Ocwen Helped 75,000 Homeowners Avoid Foreclosure In 2016

Posted by Patrick Barnard on January 23, 2017 No Comments
Categories : Mortgage Servicing

Ocwen Financial Corp. reports that it helped approximately 75,000 homeowners avoid foreclosure through loan modification programs – including the Home Affordable Modification Program (HAMP) – in 2016.

Ocwen claims that it leads all other servicers in HAMP modification activity. In 2016, the firm granted approximately 42,000 loan modifications through the HAMP program, many of which included a reduction in principal.

Ocwen also outperformed the industry under the new HAMP Streamline Modification Program, the firm claims in a release. In 2016, it completed more than 14,500 streamlined modifications and expects that number to increase as additional homeowners convert their trial plans into permanent modifications.

In the third quarter of 2016, Ocwen completed 20% of all HAMP modifications industry-wide, according to the latest HAMP report from the U.S. Department of the Treasury.

The firm claims this is 53% more HAMP modifications compared with “the next best servicer.”

What’s more, the firm granted 49% of all HAMP principal reduction modifications completed in the third quarter.

Since Jan. 1, 2008, Ocwen has granted approximately 720,000 modifications and has completed more principal reduction loan modifications than the three largest servicers combined, the firm boasts in its release.

Despite the expiration of HAMP at the end of 2016, Ocwen says it will continue to offer loan modifications to struggling borrowers.

Register here to receive our Latest Headlines email newsletter




Leave a Comment