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"Ocwen Boasts Loan Mod Success in Transition"

December 19, 2008
Inside Mortgage Finance

by Geremy Bass

Florida-based subprime servicer Ocwen Financial is touting much greater success with loan-modifications than what the Office of the Comptroller of the Currency found to be the industry-wide norm.

Ocwen said its “loan-by-loan approach and proprietary, scalable technology and analytics” allow the firm to hold 60-day delinquencies on modified loans to just 24.6 percent after six months…

“The salient issue is not the efficacy of loan modification as a loss mitigation tool, but whether mods are properly designed,” said Ocwen CEO William Erbey. “Our loan approach achieves the twin objectives of keeping homeowners in their homes and maximizing the net present value of the mortgages to the investors who own the loans.”

Download: Ocwen Boasts Loan Mod Success in Transition (PDF, 49.63 K)