LONDON, UK / ACCESSWIRE / October 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Ocwen Financial Corp. (NYSE: OCN) ("Ocwen"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=OCN. The Company announced on October 04, 2017, that it has entered into an agreement with Virginia, West Virginia, and New Mexico. The loan service-based Company agreed to tougher scrutiny from regulators in those states. Ocwen is aiming for timely resolutions to the regulatory actions taken against it on April 20, 2017, by mortgage and banking regulatory agencies from 30 states, the District of Columbia, and two state attorney generals that alleged deficiencies in the compliance with laws and regulations related to the servicing and lending activities. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Announcement
Between September 29, 2017, and October 03, 2017, Ocwen entered into additional agreements with New Mexico, Virginia, and West Virginia to resolve the regulatory actions from these states. Under the terms of the agreement, Ocwen will not acquire any new residential mortgage servicing rights until April 30, 2018. The Company will develop a plan of action and milestones concerning its transition from the servicing system to an alternate servicing system that would not board any new loans onto the REALServicing system.
According to the agreement, in the event that the Company chooses to merge with, or acquire an unaffiliated Company or its assets in order to transfer loans from the REALServicing system, Ocwen will be legible to notify the applicable regulatory agency, prior to the signing of any final agreement and the opportunity to object. In the event that an unaffiliated Company merges with, or acquires Ocwen or Ocwen's assets, the provisions of the agreement would not limit the transfer of loans from the REALServicing system onto the merging or acquiring the Company's alternative servicing system.
The Company will engage a third-party auditor to perform an analysis concerning the compliance with certain federal and state laws concerning the escrow, by testing about 9,000 loan files relating to loans secured by residential real property in different states. The Company will also develop and submit a plan for review to enhance its consumer complaint handling process.
Company Growth Prospects
The case concerns the February 2015 filing, in which Ocwen received a letter from the New York Regional Office of the US Securities and Exchange Commission (SEC), informing that it was conducting an investigation related to the use of collection agents by mortgage loans services. A year later, in February 2016, the Company received another letter stating that the New York Regional Office was conducting another investigation concerning fees and expenses incurred in connection with liquidated loans and REO properties held in non-agency residential mortgage-backed securities trusts.
Recently, on September 28, 2017, Ocwen entered into agreements with 10 states to resolve the regulatory actions brought by these states, and the two additional states that have previously withdrawn or allowed their respective cease and desist orders to expire. Ocwen did not admit or denied liability in the agreements, whereas of October 03, 2017, the total number of states where the Company had reached a resolution is 15.
Last Close Stock Review
On Thursday, October 05, 2017, the stock closed the trading session at $3.65, climbing 1.39% from its previous closing price of $3.60. A total volume of 1.35 million shares have exchanged hands, which was higher than the 3-month average volume of 1.17 million shares. Ocwen Financial's stock price soared 23.73% in the last one month and 34.19% in the past three months. The stock currently has a market cap of $461.03 million.
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