Indy Mac / One West Sells Servicing to Ocwen

By
Services for Real Estate Pros with Aston McLaren Inc

I have been surprised that there is very little in the media about this. Indy Mac is selling its servicing to Ocwen. IndyMac is the mortgage management division for OneWest, a bank headquartered in Pasadena, Calif. OneWest is the successor to IndyMac Bancorp, which was seized by the Federal Deposit Insurance Corp. in 2008.  In my opinion, this will be a benefit to many home owners who are seeking Indy Mac loan modification or Indy Mac short sale.

OneWest Bank Group acquired of the banking operations of IndyMac in 2009. Last week, Ocwen Financial Corp. said it would buy mortgage servicing rights from OneWest Bank for $2.53 billion. The deal includes $78 million in loans.

ocwen loan modification

 

Unfortunately sources indicated that employees in Austin, Texas (one of my favorite places in the world) twould lose some employees. Their offices in the 9th Street office would remain open but will shrink from around 300 employees down to 30 and that they believe the mortgage services will be outsourced overseas.  GREAT, more servicing being transferred offshore. We all KNOW how fun that is!!!.

Other news sources are reporting that the company will also lay off 725 workers in Austin.

Overall, I would have to say that this is good news for many home owners that have Indy Mac loans and who are seeking loan modification of short sale of their home. Indy Mac and its successor, One West has been a bear to deal with and Ocwen is quite reasonable. 

It appears that many experts in the financial markets have been surprised by this acquisition. However, it was the stated goal of One West investors and management that they did not intend long term ownership of former Indy Mac loans and assets.  I wrote two years ago that George Soros made a sweet deal with the Obama administration when they agreed to acquire the toxic assets of Indy Mac.   Indy mac was incentivized financially to foreclosure and we tax payers absorbed the losses (as opposed to Indy Mac/One West).  Accordingly, the acquisition by Ocwen helps not only home owners but taxpayers as well!!! Yeah!!!

 

Paddy Deighan J.D. Ph.D

 

http://www.homesavers.pro

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Ambassador
1,401,145
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - San Jose Probate Agent

Paddy,  My experience with Ocwen has not been good. Ocwen is one of the worst servicers that I have worked with. I am surprised to read your opinion on Ocwen ... that it will be a benefit to many homeowners who are seeking Indy Mac loan modification or Indy Mac short sale.

 

Jul 06, 2013 08:24 AM #1
Rainer
277,437
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Paddy -- I am sure there are some who will be benefiting from this change - and others (per Kathleen) who may be just as frustrated with the new arrangement as they were with their previous servicer.  Anyone who is in the midst of trying to get modification done at this time will probably be frustrated by the change and probable restart of the process.

Jul 06, 2013 10:06 AM #2
Rainmaker
276,887
Paddy Deighan JD PhD
Aston McLaren Inc - Vail, CO
Paddy Deighan J.D. Ph.D

I agree with both of you,,,,but the way I see this....things cannot be WORSE than they are with indy Mac/One West!!!

Jul 06, 2013 01:51 PM #3
Anonymous
tim

do you think all the mortgage original notes will follow the sale?

 

Jul 24, 2013 07:20 PM #4
Rainmaker
276,887
Paddy Deighan JD PhD
Aston McLaren Inc - Vail, CO
Paddy Deighan J.D. Ph.D

Tim, all Notes will follow this sale....the entire block of business has been sold for a huge amount of money

Jul 24, 2013 10:04 PM #5
Rainmaker
276,887
Paddy Deighan JD PhD
Aston McLaren Inc - Vail, CO
Paddy Deighan J.D. Ph.D

Tim, the entire block of business has been sold, so every Note of Ondy Mac/One West is now with Ocwen

Jul 24, 2013 10:05 PM #6
Anonymous
Steph
Per the FDIC, only a small percentage of the loans serviced by OneWest were actuallyowned by IndyMac/OneWest. In the case of the majority, IndyMac/OneWest 
was a SUB-servicer for another Master Servicer. So it is actually 
mortgage servicing rights (MSRs) that was sold to Ocwen rather than 
mortgage notes. Distinguishing between the two can make all the difference in 
the world when it comes to loan mods, shortsales and court proceedings.
Jul 25, 2013 01:00 PM #7
Rainer
39,435
Tonia Rahming
RMS Realty, St Lucie, Martin and Palm Beach Counties - Saint Lucie West, FL
Relocation Specialist

I just had my investment property modified a month ago and when I called to set up automatic payments I was told all Fannie Mae loans that IndyMac had were sold to Ocwen. They never mentioned the entire portfolio. But then again she did give me a number to an entirely different lender to contact for more information!

Aug 20, 2013 12:50 PM #8
Rainer
7,957
Matthew Williams
Elite Realty LTD - Oregon City, OR

OCWEN IS THE ABSOLUTE WORST SERVICER IN THE NATION!

Why can't some government intervention come to Ocwen???

Sep 26, 2013 12:46 PM #9
Anonymous
Charles Sherman

Does this mean that homes currently in foreclosure have to start all over again?

Oct 25, 2013 10:33 AM #10
Rainmaker
276,887
Paddy Deighan JD PhD
Aston McLaren Inc - Vail, CO
Paddy Deighan J.D. Ph.D

Charles, this does provide home owners some additional, time, right and opportunity....I would not say that they have  to strat all over again but the home owner is definitely in a better position as a rsult of this transfer.

Oct 25, 2013 10:45 AM #11
Anonymous
Carrie

Hello,

I was just notified that our first was sold to Ocwen but not our second and both were/are with Indymac/OWB. Did they sell all their servicing rights? Any thoughts on this? Thanks.

Oct 25, 2013 06:09 PM #12
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Rainmaker
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Paddy Deighan JD PhD

Paddy Deighan J.D. Ph.D
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