Single-Servicer Partnership with Ocwen Saves Borrowers Nearly 1 Million Dollars
NID Housing has partnered with the Ocwen Financial Corporation since 2015 to improve the access of its customers to foreclosure modification options and solutions. We worked with Ocwen and the NAACP to host foreclosure mitigation events in the summer of 2015. The success of these events generated demand for more such events with Ocwen in 2016-2017.
NID Housing utilizes its branch office network to plan and operate single-day events with Ocwen customers and company employees. At these events, clients receive housing counseling and education and have a chance to speak with an Ocwen representative regarding their mortgage. Clients are then encouraged to follow-up with an NID Housing counselor for further assistance and action.
In 2016 and 2017, NID and Ocwen held events in San Bernardino, CA, Sacramento, CA, Los Angeles, CA, and Miami, FL, with more being planned. The results of these events speak volumes about the value of housing counseling and education and working closely with our clients’ other industry partners:
- More than 90% of borrowers who were approved completed the requirements with our help;
- Completed modifications for 2016 events included over $970k in debt forgiveness and an additional $226k in deferred principal that may be forgiven;
- At the San Bernardino event, NID Housing helped Ocwen increase borrower turnout by over 300% compared to events held with other organizations;
- 96% of attendees at the Los Angeles counseling opportunity would recommend such an event to others.
Our partnership with Ocwen illustrates the profound impact that NID Housing can have on our partners and their clients. Our experience and methods can improve communications between institutions and their clients. NID Housing’s refined and flexible operations improve the likelihood that clients remain in the optimal arrangement and become the most stable business partners as borrowers. Our collaboration also often improves client experience with their servicer or lender which enhances future issue resolution between our partner, community activists, and the clients we jointly serve.
When the private sector works in good faith with credible community advocates and service providers, it’s a win-win for the housing client, the community, and the home mortgage lender and servicer.
— Ray Carlisle, Sr., NID Housing, President and Co-Founder