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Ocwen Financial Corp. has closed its previously announced $360 million acquisition of South Jersey mortgage company PHH Corp. The deal, announced Feb. 27, ends a rocky post-recession road for PHH, which delisted its stock from the New York Stock Exchange and becomes an Ocwen subsidiary. In 2017, the combined company originated more than $3 billion of residential mortgage loans including reverse mortgages. In conjunction with the closing, former PHH CEO Glen Messina has become president and CEO of the combined company.
The deal, announced in February, combines two mortgage companies that had been struggling with financial and regulatory issues in recent years.
PHH Corporation announced today that it intends to close its proposed merger with Ocwen Financial Corporation prior to the market open on Thursday, October 4, 2018.
PHH Corporation (PHH) ("PHH" or the "Company") announced today an update on its proposed merger with Ocwen Financial Corporation (OCN) (“Ocwen”). PHH and Ocwen have been working diligently to meet all closing conditions to the merger, including obtaining the requisite consents from governmental agencies and state regulatory and licensing entities. As previously announced on February 27, 2018, if the merger is consummated, Ocwen will acquire all of the Company’s outstanding shares of common stock in an all cash transaction valued at approximately $360 million or $11.00 per fully diluted share.
Moody's Investors Service ("Moody's") has assigned PHH Mortgage Corporation (PHH) a servicer quality assessment of SQ3 as a Primary Servicer of Prime, Subprime, Second Lien residential mortgage loans and as a Special Servicer. The assessment is based on the company's average collection, loss mitigation and foreclosure and REO timeline management, above average loan administration and below average servicing stability. PHH Corporation, through its subsidiary PHH Mortgage, is one of the largest sub-servicers of residential mortgages in the United States.
Moody's Investors Service, ("Moody's") revised the outlooks for Ocwen Financial Corporation and Ocwen Loan Servicing LLC to stable from negative, and affirmed Ocwen Financial Corporation's Caa1 corporate family rating and Caa2 senior unsecured rating, as well as Ocwen Loan Servicing LLC's B3 senior secured bank credit facility rating and Caa2 senior secured rating. Ocwen Loan Servicing LLC is a wholly-owned subsidiary of Ocwen Financial Corporation (together "Ocwen").
On a per-share basis, the Mount Laurel, New Jersey-based company said it had a loss of $1.07. Losses, adjusted for one-time gains and costs, were 98 cents per share. The mortgage and fleet management company ...
PHH Corporation announced today plans to release its second quarter 2018 results on Friday, August 3, 2018, after the market closes.
"Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power," Kavanaugh wrote.
Justice Anthony M. Kennedy's decision to retire from his post on the Supreme Court at the end of July is a seismic event for social liberals, but likely won't have a large effect on American businesses. In an upcoming term, the court is expected to address the constitutionality of the Consumer Financial Protection Bureau and whether companies are allowed to discriminate based on sexual orientation.
PHH Corporation (PHH) ("PHH" or the "Company") today issued the following statement regarding the Order filed on June 7, 2018 by the Acting Director of the Bureau of Consumer Financial Protection (“BCFP” or the “Bureau”). According to the Acting Director’s Order, the Bureau has decided to dismiss the administrative proceeding against the Company regarding its former mortgage reinsurance activities. On January 31, 2018, the en banc court for the U.S. Court of Appeals for the D.C. Circuit reinstated the October 11, 2016 panel decision related to RESPA issues, which included vacating Director Cordray’s June 4, 2015 Order imposing $109 million in disgorgement penalties, and remanded the matter to the Bureau for further proceedings.
PHH Corporation (NYSE:PHH), operating in the financial services industry based in United States, received a lot of attention from a substantial price increase on the NYSE over the last fewRead More...