Ocwen Financial Corporation is no longer looking to shop the Liberty sector of its lending company. This means the company will actually be looking towards the future of its reverse mortgage side of the business, rather than shopping it away.
“'After a strategic review, we have decided to remain in the reverse mortgage lending business, and are excited about its future coming off a strong year in 2017,' CEO Ron Faris said on the company’s Wednesday morning fourth-quarter earnings call with shareholders and analysts," according to Reverse Mortgage Daily.
“It is a challenging environment for reverse mortgages — some of the HUD rule changes that went into effect last year are expected to reduce volumes in 2018 — but we still believe that we have one of the premier platforms and are excited about that business going forward.”
The tough challenges that Faris is referring too happens to fall under the October 2017 changes of reduced the principal limit factors. The industry began to worry about a potentially substantial dip in volume following the changes, though, Ocwen seems to have a new outlook.
To learn more about Ocwen Financial Corporation's big moves for early 2018, click on the image above.