This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Ocwen Continues As Mortgage Modification Leader In Federal HAMP Program, Posting Fastest Turn Times For Converting Trial Modifications To Permanent Solutions For Homeowners

WASHINGTON, June 24, 2010 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN), servicer of subprime mortgages, continues to lead the industry in key performance metrics under the federal government's Home Affordable Modification Program (HAMP).

The U.S. Treasury's just-released HAMP record card [ link ] confirms Ocwen's superior performance on three critical fronts: percentage of trial modifications converted into permanent solutions, aging of trial modifications and a new metric introduced in this report card, "Trial Length at Conversion (months)."

The report card shows Ocwen's Trial Length at Conversion is three months, significantly faster than the four to over seven months reported for the large banks that are HAMP servicers.  A three-month trial length is indeed optimal, as three monthly payments must be received by the servicer from the homeowner on a trial modification before it can be converted to permanent status. Only one other HAMP participant was able to achieve a three-month turn time on its conversions.

Similarly, regarding the aging metric, only 10% of Ocwen's trial modifications were initiated six or more months ago – the lowest aging rate of all servicers and in stark contrast to several larger participants whose aging rates exceed 50%.

Ocwen's conversion rate for May held steady at the same high 83% level reported in the prior period, second only to HomEq's 86%. Separately, Ocwen announced last month its impending acquisition of HomEq from Barclays Bank, expected to close in the third quarter this year.   The combined servicing operations, with an aggregate servicing portfolio of over $80 billion, will make Ocwen among the largest independent servicers.

Said Ronald M. Faris, Ocwen's President, "We are doing everything we can to help make the HAMP program a success. Loan modifications are the best solution for helping American families avoid foreclosure, but modifications have to be sustainable, rigorously formulated and effected on a meaningful scale. We're gratified that the Treasury has recognized that our upfront documentation approach, while process-intensive, benefits homeowners and the program – and that approach is now required of all HAMP servicers."

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs