Ocwen Financial Is in Trouble
VaCAP concerned about Ocwen financial deteriorating condition…
We have all been there; you are busy and you lose track of your accounts receivables. Suddenly, you have 45, 60 and 90 day past due invoices. VaCAP wants to remind you to pay attention not only to your receivables, but industry news to make informed decisions going forward.
Two days ago HousingWire reported Ocwen Financial is in trouble with the New York Stock Exchange. According to the article, Ocwen stock has been trading below $1.00 for more than 30 days in violation of the NYSE rules.
Ocwen runs afoul of NYSE after stock stays below $1. Nonbank’s shares haven’t been above $1 in a month. For the second time in five years, Ocwen Financial has found itself in violation of the New York Stock Exchange’s rules.
Back in 2015, NYSE threatened to delist Ocwen after the nonbank failed to file its annual report on time. And now, Ocwen is in more trouble with NYSE after the company’s stock fell below $1 and stayed there for a month.
NYSE rules stipulate that the average closing price of a company’s stock must be at least $1 per share over a consecutive 30 trading-day period…
VaCAP is not concerned about the NYSE rules, but is concerned the financial condition of Ocwen is deteriorating. Take a look at the 5 year trend of Ocwen. Look familiar? Is this reminiscent of the events that transpired with Clarocity on the TSX Exchange in Canada? See the HousingWire article here.
The current state of the profession and the housing market is in limbo due to the COVID-19 pandemic. Servicers are forced to grant forbearances on mortgages and many will have a liquidity problem and may not survive. Lenders such as JP Morgan Chase have tightened their requirements for a new mortgage and some nonbank companies will be impacted as well. Now more than ever, appraisers need to protect their businesses and pay attention to the market happenings.
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I fired Ocwen years ago. They were always slooooow pay. Doesn’t anyone keep records and review them to know what AMC to fire?
That’s why I just stopped to collect. In 2006-2007. A lot of mortgage company’s and lenders went out of business leaving appraiser high and dry. The fact is , you don’t know the AMCs financials and they won’t tell ya Protect yourself. In our state Gig workers and Sole Proprietors , small independent businesses can file unemployment. In 2006 I knew many of Appraiser’s that were owed thousands and never got it.
I didnt realize they were still around.
Ocwen is standing by to service your loan if you run afoul of contractual obligations. They specifically target those whom are more likely to default. I’ve had them take 4 months to pay me, circa 2010 or so time frame. keyword; ocwen ag fines. $2b,125m+ fraud penalties and counting. Think about it, those fines represent only a fraction of actual instances, reflecting those whom passed the legal hurdles to pursue justice. Ocwen is the poster child for why we reject foreign labor assistance in American markets.
https://violationtracker.goodjobsfirst.org/parent/ocwen-financial
Mortgage Lender Implode-O-Meter is back. The website is a news linking hub which specifically focuses on lender issues, sourcing articles from around the world.
https://ml-implode.com/
It appears that oil companies are also in trouble. The current price of oil is (negative) -$34 per barrel. Does that mean that fuel stations will be paying us to store the excess fuel in our vehicle’s gas tank?
PTG talked about this today. What it actually means is people will hold the product, and will not sell it. There will not be ready availability to the public consumer as filling stations shut down. Or should we say, the public non-consumer.
The story really hit home for me because carbon dioxide is seeing shortages, which is a bi-product of oil somehow. That’s going to affect the beer and fizzy soda market. Listen for yourself.
Monday 04/20/2020. Just click the link with the date on it.
http://patriotarchives.blogspot.com/
May I buy you a beer comrade? The open up rallies are wild, we drove through this weekend. Forget the mask. Forget the government. It’s up to us now. Ocwen will be fine. They’re one of the large corporations and that’s whom typically is getting all the bail out trillions first. Looking like gig unemployment will soon pay better than trying to provide actual appraisal services. So many refused to hear the message of financial responsibility, the importance of liberty, the demand to stop the fed. This is the result. Fed balance sheet adding another 50 trillion by the end of the year? I don’t write the news, I just listen to it.
Then tell me why gas is still $3.50 per gallon in California. Got to love tax time when we Californians get the same mileage credit compared to other states where the price per gallon is $1.??.
Seek the truth.
Bill, listen to the above broadcast, they called it. Powers that be do not want The People getting away from the corporate news. Syndicated news is a wish list of biased projections and opinions, in the hopes the people will go for it.
If gasoline is trading at a negative, and you’re still paying $3.50, then that cost is the cost of taxation, ancillary costs, delivery costs, the bureaucracy involved. That many hands in the distribution network in that area.
It’s the NORM Economics way of understanding these systems. Wealth is not in the artificially blown up acquisition and delivery networks, wealth is in the commodity itself. Only through the benefit of scale can the hucksters carve out ‘new industries’ to assist in placing a commodity into the hands of a consumer. That is not wealth, but rather creates parity pricing schemes. More hands, more influence, and disruption of the actual value of the commodity delivered.
Ocwen is a mega sized example. That company should have failed, instead they game a dysfunctional regulatory system. How can a company rack up over 2 billion in consumer safety violation penalties and nobody goes to jail? They don’t treat vendors any differently than they treat their customers.
OK, I will seek the truth Bill Johnson how long have you lived in California? Are you aware there are several other states to reside in? If California is not a place that is financially beneficial there are numerous options.
As an individual appraiser with +/- 15,000 local assignments under my belt, combined with pooled data from my company dating back two + decades, I have information from +/- 50,000 past appraisals. You need to see a building brochure from 1997, if I/we did it as new construction, we have a digital copy (very helpful). You have a new assignment from within a PUD, with 40,000+ thousand unique sketches on file, there’s a reasonable chance I/we have a copy to import into the new assignment (saves significant time). You have a condominium assignment, I/we have broken down 1,000+ condo projects and have digital records of each. Need to know how many units are in the condo association, we have that. Need to know all of the APN numbers from that project (MLS search, etc.), we got them (saves time). Etc., etc., etc.
The point is Brad, if appraisers are truly seeking the truth, AND DIGITALLY KEEPING THE TRUTH, ones expertise over time becomes very local and much less mobile. As it relates to being financially feasible, considering my state had 20,000 licensed appraisers, and now has 10,000, I will leave the moving to other people.
I won’t be selling VHS tapes to teach my secrets, nor will I host a cheerleader camp for a bunch of all-stars, but rather again, seek the truth, keep the truth, apply the truth, spread the truth.
Seek the truth.
You are the one complaining about taxes and gas prices in California.
Seeking the truth and spreading it (at the time gas $3.50 a gallon, federal mileage credit +/- 50 cents a mile), should not be considered a complaint Brad, but if appraiser pay was based on TRUE local and customary cost of living concerns, you the consumer would be complaining about high (your opinion) CA (big city) appraisal fees. I’ve figured it out over a couple of decades Brad, while again with a 50% reduction in state (CA) appraiser licenses over the past 15 years, the one’s complaining and quieting, were not planing and keeping records like me/us.
Seek the truth.
Sorry, Gloom, Despair, Misery and certain uncertainty for the folks that do work for AMC/AMS like those.
Do you folks remember the CHASE case????
https://www.appraisalinstitute.org/JPMorganChaseNotLiableforAMCAppraiserFees/