The announcement follows a series of settlements entered by Ocwen with certain states over alleged servicing abuses. Terms of the settlements include a provision under which the company will transition from its proprietary REALServicing servicing system to an alternate system and not board any new loans on REALServicing.
Ocwen will use the Black Knight platform for both residential mortgages and home equity
loans and lines of credit. Ocwen said the agreement aligns with its corporate objectives to reduce costs, streamline its technology product suite, and create efficiencies within the organization.
Under the agreement, Black Knight will host loan servicing for Ocwen in its data center, which offers 24/7 on-site operational monitoring and support; robust information security; and backup data recovery for business continuity. Additionally, Ocwen will use additional Black Knight solutions such LoanSphere Bankruptcy, LoanSphere Foreclosure, LoanSphere Invoicing, Portfolio Overview Insight, and Lien Alert.
“We are proud to provide Ocwen with a comprehensive solution that can meet all of its servicing needs – from loan boarding and payment processing to escrow administration and default management,” Black Night President Joe Nackashi said. “Ocwen selected the servicing system with a track record of delivering proven capabilities, reliability, and scalability, which will help expand Ocwen’s business and better position it for future growth.”
“We look forward to working with Black Knight as our servicing platform provider and believe that Black Knight’s technology offerings provide the capabilities and flexibility that will allow us to focus on our core mission of helping homeowners,” said Scott Anderson, executive vice president and chief servicing officer for Ocwen Financial.
Ocwen, Texas settle servicing abuse allegations
Ocwen reaches settlements with states over alleged servicing abuses
Ocwen Financial unit Ocwen Loan Servicing has signed a long-term contract under which it will use Black Knight’s LoanSphere MSP servicing system.