May 15 2009
Loan Modification Make Money for One Bank
Ocwen reported a triple net income for its first quarter after servicing some of its defaulted mortgages. The company states that prior to servicing its trouble mortgages it had over 20.8 billion dollars in non-performing loans, and this figure is up from 40.2 million in non-performing loans at year’s end.
Not only did Ocwen do a record breaking 20,651 loan modifications, it also reduced expenses by 18 percent.
The report from Ocwen comes as a result of the company implementing President’s Obama’s Home Affordable Modification Plan.
In additon to implementing President Obama’s plan the company also started a servicing arrangement for its high risk loans with Freddie Mac.
As a direct result of these changes in Ocwen’s business, the company is now proud to report an increase of profit of 49 million in April alone.
The success of Ocwen goes to show us, “Yes We Can”
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