Ocwen
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Ocwen Financial Corporation (NYSE: [OCN]
One of the first companies in the U.S. to purchase a software company with the intent of creating a software platform referred to as Real-E, later renamed to RealServicing. Developed using the waterfall model and outsourced to India in 2002. Numerous class action lawsuits and civil suits have plauged the company since 2002 which includes a $3M and $13M judgment in Texas courts in 2005 for fraud.
Overview of Ocwen Financial Corporation
Formed in 1988, Ocwen Financial Corporation ("Ocwen") is a vertically integrated multi-billion dollar, publicly traded (NYSE: OCN) financial services holding company, engaged in a variety of businesses related to mortgage servicing, real estate asset management, asset recovery and technology. Headquartered in West Palm Beach, Florida, Ocwen is dedicated to becoming a global leader in providing asset management services and advanced technology solutions to selected financial markets. Ocwen pursues its goal of being an industry-leading mortgage servicer, real estate and technology provider by focusing on globalization, Six Sigma process improvements and enabling technology.
Ocwen is one of the largest third-party service providers in the United States and is also one of the largest non-prime mortgage servicers. Through the years, Ocwen has gained a national reputation as a servicer specializing in the management of sub-performing and non-performing assets, including severely-delinquent and labor-intensive mortgage loans and REO assets requiring a "hands-on" approach. In the past decade, Ocwen acquired and managed more than $4.5 billion in distressed real estate debt on its own behalf.
Plauged by lawsuits since outsourcing its collections and software support to India in 2001-2002 with allegations of fraud Ocwen has struggled to maintain its market space. 1000s of complaints have been filed on sites such as www.ripoffreport.com, www.ocwenfederalsucks.org and even the companies own message board on Yahoo are plauged with comments from former and current employees. These allegations include forced placed insurance, illegal late fees and failing to properly credit account correctly and force placing home owners insurance without cause then claiming it was never in place when a claim is filed.
Complaints and lawsuits continue to buildup against the company. Jim Freer of the South Florida Business Journal published a recent article, Jan 2006 calling attention the volume of lawsuits the company is now engaged.
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