Ocwen Financial, a predominate purveyor of work to Altisource within the Mortgage Field Services Industry, is below three dollars a share today. As has happened each and every time Ocwen is in trouble, Foreclosurepedia is predicting an enormous uptick in chargebacks and lack of pay upon Altisource work orders. In fact, Altisource, a National Association of Mortgage Field Services (NAMFS) member, failed to pay Minority Females and Labor for weeks, recently, blaming the problem on a software issue. And software problems are precisely what forced Ocwen to cut processing ties with Altisource which continued to use the REALServicing platform. Here is how HousingWire put it in April, 2018,
The CFPB, in its lawsuit against Ocwen, claimed that REALServicing, the system Ocwen used to process and apply borrower payments, communicate payment information to borrowers, and maintain loan balance information, was riddled with errors and technologically deficient.
Ocwen and Altisource have been inextricably attached at the hip going all the way back to the days of Bill Erbey and Bill Shepro. Erbey was forced to step down as Ocwen’s CEO and Shepro remains Altisource’s CEO. And regardless of how Patricia McTaggart, Altisource Atlanta, is attempting to spin things, the markets do not lie. And more to the point, if Ocwen is vowing to cut jobs and expenses, make no mistake that is pushing down the line to Altisource.
How does one weather the storm? Well, one way is joining the International Association of Field Service Technicians (IAFST). The IAFST has been working with Labor and Management for nearly three years now to ensure quality contract performance with equitable pay.
Regardless, Foreclosurepedia is making the announcement to give Minority Females and Labor an early warning that No Pay actions are coming down the pike from Altisource.