Ocwen Financial Services offers mortgage customers the ability to view payment histories, obtain payoff quotes and apply for federal refinance programs, according to the companys website. The company helps mortgage borrowers with loss mitigation and pre-foreclosure resolution services.Continue Reading
Ocwen Financial Services is not a traditional mortgage lender. It's a mortgage servicing company handling customer payments and providing billing for banks and mortgage lenders, states Ocwen. However, the company does originate and package loans in the wholesale market through its Homeward operations. Ocwen primarily purchases mortgage servicing rights from banks that issue loans to high-risk lenders. The company works with borrowers who are in default on their high-risk mortgages and helps them apply for refinance programs such as the Home Affordable Modification Program and the Home Affordable Refinance Program.
Ocwen is well known throughout the mortgage industry for its ability to qualify borrowers for loan modification programs, Ocwen states. The company holds a 70 percent resolution rate for borrowers who are in pre-foreclosure status and claims to modify loans in pre-foreclosure at a much higher rate than the industry standard. Ocwen services loans for Fannie Mae, Freddie Mac and Ginnie Mae, which are government-backed mortgage institutions that buy mortgages from banks and lenders, cites Reuters.Learn more about Credit & Lending