Ocwen Works with Hardest Hit Fund States to Help Borrowers Access Funds
June 06 2017 - 4:30PM
Ocwen Financial Corporation (NYSE:OCN), a leading financial
services holding company, today joined a group of select mortgage
servicers, housing finance agencies, government-sponsored
enterprises (GSEs), and government officials at the Eighth Annual
Hardest Hit Fund Summit to discuss strategies to leverage Hardest
Hit Fund (HHF) resources for the benefit of borrowers in states
that are participating in the program. Hosted by the U.S.
Department of the Treasury, the event offered participants a forum
to share best practices, discuss program evolution and trends,
develop operational solutions, and strengthen relationships among
programmatic partners to benefit homeowners in many of the
communities most impacted by the housing crisis.
In recent years, Ocwen has collaborated with several Housing
Finance Agencies on targeted consumer outreach campaigns to inform
Ocwen customers about local HHF programs, including how to work
with HUD-certified counseling agencies to determine program
eligibility and how to receive assistance with the application
process.
“Ocwen is a leader in helping struggling borrowers remain in
their homes, having completed over 735,000 loan modifications since
2008,” said Jill Showell, Senior Vice President of Government and
Community Relations at Ocwen. “Innovative state programs developed
under the Hardest Hit Fund have been instrumental in reaching
borrowers who have had difficulty finding a sustainable loan
modification option. We are pleased to be part of this dedicated
group of industry leaders working together to make a difference in
the lives of struggling homeowners who continue to feel the effects
of the housing recession.”
Established in 2010, the HHF provides help to homeowners
residing in 18 states and the District of Columbia who have
experienced severe unemployment and/or a major decline in their
home values because of the 2008 housing crisis. Designed and
administered by each state’s housing finance agency, HHF programs
include locally-tailored approaches to foreclosure prevention, such
as mortgage payment assistance for unemployed or underemployed
homeowners, principal reduction for underwater homeowners,
transition assistance for homeowners moving into more affordable
residences, and reinstatement assistance.
“In 2016, Ocwen increased its efforts to coordinate with state
HFAs and local non-profit counseling organizations to connect
struggling homeowners with HHF funds in their states, after the
U.S. Department of the Treasury provided additional resources to
HHF,” added Ms. Showell.
“The Keep Your Home California program has been very successful
in assisting California families stay in their homes and we are
pleased to work with Ocwen to ensure that struggling borrowers
throughout the state are aware of the many options available to
them,” commented Jean Mills, Director of Operations, Keep Your Home
California. “Collaboration with servicers like Ocwen is
critical as we leverage the final round of funding from the Hardest
Hit Fund program.”
In 2016 alone, Ocwen customers were the beneficiaries of over
$47 million of housing assistance distributed through the HHF
program in participating states. Ocwen is working with many states
on creative ways to reach qualified borrowers, often working
closely with local non-profit counseling organizations, including
targeted outreach campaigns to customers in California, Florida,
Illinois, Michigan, Nevada, North Carolina, and New Jersey.
Ocwen also collaborates with New York on outreach efforts to
inform eligible customers about funds available through the New
York Mortgage Assistance Program (MAP), and plans to conduct
another campaign in 2017.
“Through collaboration with state housing agencies and targeted
investments in communication campaigns like these, Ocwen has and
will continue to remain an industry leader in helping struggling
homeowners access HHF and other housing assistance programs to
ensure as many families as possible remain in their homes and avoid
foreclosure,” concluded Ms. Showell.
About Ocwen Financial CorporationOcwen
Financial Corporation is a financial services holding company
which, through its subsidiaries, originates and services loans. We
are headquartered in West Palm Beach, Florida, with offices
throughout the United States and in the U.S. Virgin Islands and
operations in India and the Philippines. We have been serving our
customers since 1988. We may post information that is important to
investors on our website (www.Ocwen.com).
For Further Information Contact
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
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