Ocwen Financial Corp (OCN) declared recently that the Company assisted about 75,000 homeowners avoid foreclosure through responsible loan modification programs in 2016. These modification programs include both the U.S. Department of the Treasury Home Affordable Modification Program (HAMP), in addition to proprietary modifications for those homeowners who did not qualify for a HAMP modification.
Ocwen leads all other servicers in HAMP modification activity, and in 2016 granted about 42,000 loan modifications through the HAMP program, many which included a reduction in principal. Ocwen has also outperformed the industry under the new HAMP Streamline Modification Program. In 2016, Ocwen accomplished over 14,500 streamlined modifications and anticipates that number to increase as additional homeowners convert their trial plans into permanent modifications.
Despite the expiration of HAMP at the end of 2016, Ocwen remains committed to a business model that will continue to offer loan modifications to its customers who are struggling to meet their mortgage payment obligations. Ocwen will continue to work with families influenced by financial hardship through community engagement and innovative loan modification solutions.
“Ocwen is recognized as the industry leader in responsible home retention through foreclosure prevention,” commented Ron Faris, President and CEO of Ocwen. “There is no doubt that a homeowner whose loan is serviced by Ocwen has a much better chance of avoiding foreclosure than if their loan is serviced by any other large mortgage servicer. This has been confirmed by independent third-party studies, which consistently illustrate that Ocwen has a superior record assisting borrowers bring their payments current, stay current, and repay their mortgage.”
Banco Santander, S.A. (ADR) (SAN) provides various retail and commercial banking products and services for individual and corporate clients. The company offers demand and time deposits, and current accounts; mortgages and auto finance, personal loans, and loans to buy durable goods; and debit and credit cards. It also provides cash administration, trade finance, financing and custody, and bond and securitization origination services; originates and distributes corporate loans and structured financings; and offers corporate finance services for mergers and acquisitions, equities markets, and investment solutions through derivatives, in addition to asset and capital structuring. In addition, the company is involved in the corporate banking, treasury, and investment banking activities; sale and distribution of fixed income and equity derivatives, interest rates, and inflation; trading and hedging of exchange rates and short-term money markets for wholesale and retail customers; and brokerage of equities, and derivatives for investment and hedging solutions. Further, it offers asset administration, private banking, and payment capture and processing services, in addition to mobile and online banking services. Banco Santander, S.A. operates through 13,030 branches worldwide. The company was formerly known as Banco Santander Central Hispano S.A. and changed its name to Banco Santander, S.A. in June 2007. Banco Santander, S.A. was founded in 1857 and is headquartered in Madrid, Spain.