Now that the dust is beginning to settle on the $150 million settlement between Ocwen Financial (OCN) and the New York Department of Financial Services, the company has unveiled its plans for the future.
First and foremost, the company will be without departing chairman William Erbey, who was forced to resign as part of the NYDFS settlement. But in a conference call with investors, Ocwen Chief Executive Officer Ron Faris revealed Ocwen’s four-part plan for the future and said that Erbey’s departure isn’t the only big change for the nonbank.
Faris told investors that Ocwen is planning to exit agency servicing. “We are going to focus our servicing business primarily on non-agency servicing,” Faris said.
Faris said that Ocwen plans to sell off its entire portfolio of agency servicing. “We estimate the difference between our $1.1 billion book value and fair value of our agency MSRs is between $400…
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