Ocwen Financial, a residential and commercial mortgage servicing company, bought Litton Loan Servicing in June 2011, according to the HousingWire. Ocwen specializes in servicing mortgages for banks who sell their loans on the secondary market.
Banks and mortgage lenders hire Ocwen to service commercial and residential loans. Servicing mortgage loans includes collecting payments from customers, helping customers obtain loan modifications and offering customers payoff information. Ocwen also assists customers who are currently in default and face the possibility of foreclosure. Federal mortgage programs designed to help borrowers who are in default include the home Affordable Modification Program and the Home Affordable Refinance Program, states Ocwen Financial.