Ocwen Financial Corporation is a provider of residential and commercial mortgage loan servicing, special servicing, and asset management services, which has been described as "debt collectors, collecting monthly principal and interest from homeowners".
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Ocwen was founded in 1988 by William Erbey and is headquartered in West Palm Beach, Florida, with additional offices in Mount Laurel, NJ, Rancho Cordova, California, and St Croix, US Virgin Islands.
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Ocwen is licensed to service mortgage loans in all 50 states, the District of Columbia and two US territories.
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Ocwen has been servicing residential mortgage loans since 1988 and subprime mortgage loans since 1994.
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In June 2012, Ocwen completed its purchase of Aurora Bank's commercial servicing rights portfolio.
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On October 4,2018 Ocwen Financial completed its acquisition of PHH Corporation and is a wholly owned subsidiary of Ocwen Financial Corp.
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Ocwen is a participant in the US Treasury Department's Home Affordable Modification Program, which is designed to use loan modifications to help homeowners facing foreclosure.
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In 2011, Ocwen reported that it had modified more than 200,000 troubled loans since the mortgage crisis began in the mid-2000s.
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Ocwen claimed that the Separation has allowed it to focus on its core servicing business and to respond better to initiatives and market challenges.
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Ocwen was joined in the suit by 57 individuals who claimed to have been injured by Ocwen.
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