Indy Mac / One West Sells Servicing to Ocwen

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Real Estate Services

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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Rainer
39,435
Tonia Rahming
Relocation Specialist
RMS Realty, St Lucie, Martin and Palm Beach Counties

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!

August 20, 2013 12:50 PM
Rainer
7,957
Matthew Williams
Elite Realty LTD

OCWEN IS THE ABSOLUTE WORST SERVICER IN THE NATION!

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

September 26, 2013 12:46 PM
Anonymous #10
Anonymous
Charles Sherman

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

October 25, 2013 10:33 AM
Rainmaker
261,048
Paddy Deighan JD PhD
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.

October 25, 2013 10:45 AM
Anonymous #12
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.

October 25, 2013 06:09 PM
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Rainmaker
261,048

Paddy Deighan JD PhD

Paddy Deighan J.D. Ph.D
What are my options for distressed real estate
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Additional Information

Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with home owners on all of their distressed property needs

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