Servicing with a focus on Ocwen plus more
Today’s commentary is mostly servicing related with a focus on Ocwen, the consent order with the New York DFS, the Notice of Servicer Event of Default, and various other issues. Of the $716 billion in Non-Agency RMBS tracked by CoreLogic LoanPerformance, $56 billion (7.8%) are properties located in New York. Ocwen is the largest Non-Agency servicer in the country (28%) and the largest Non-Agency servicer in New York (35%). Of the $19.6 billion of Ocwen serviced loans in New York, 35% are seriously delinquent and 56% have been modified. The RAMC shelf deals have the largest concentration of Ocwen serviced New York loans.
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