Ocwen Financial Corp. has been selected by Freddie Mac to participate in a pilot program designed to handle high-risk loans quicker and to keep more at-risk borrowers in their homes.
The West Palm Beach-based loan-servicing firm (NYSE: OCN) and its counselors will help cut telephone wait times, speed up the time it takes to put borrowers in touch with live counselors and implement Freddie Mac foreclosure reduction policies faster.
“Our strategy for high-risk loans is designed to help servicers cope with today’s unprecedented call volume by directing calls to a specialist with the specific staff and technical resources for handling a high volume of borrowers with these types of mortgages,” said Ingrid Beckles, Freddie Mac’s senior vice president of default asset management, in a statement.
A selected portfolio of higher-risk mortgages that are at least 60 days delinquent will handed off to a specialty servicer for intensive attention using Freddie Mac’s workout opportunities.
Initially, 5,000 reduced documentation loans from California, Nevada and other states with high delinquent rates will be targeted.
Freddie Mac said it will figure out whether to broaden or tweak the strategy after reviewing the pilot’s June results.
Ocwen shares closed up 34 cents to $9.24, nearing the 52-week high of $9.25, reached on Jan. 8. The 52-week low was $3.66 on April 14
From: http://southflorida.bizjournals.com/southflorida/stories/2009/02/02/daily42.html
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