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#392785 - 10/23/11 08:38 PM Re: Litton to Ocwen Transition Questions [Re: Alexandra]
JackREO Offline
Veteran Member

Registered: 09/02/08
Posts: 761
Loc: Massachusetts
Litton was a whole different animal. At one time Litton was owned by C-Bass, some other outfit that escapes my memory and decent chunk by MGIC. MGIC sold their portion and later the other 2 parties sold to a wall street firm. Shortly after that sale there was a change in some management at Litton. The word on the street was that there were arrangements between an outsourcing company and at least one internal Litton dude. Many of us on the outside looking could see a conflict of interest quite clearly. When the exodus took place, the referral arrangement disappeared. Oops, maybe others had 20-20 vision also. Over a period of time some of the Litton portfolio was shifted to outsourcers and eventually the whole pile of crap was sold to Ocwen. The latest experiences I had with Litton and the Litton assets handled by Core Logic indicated title flaws that make the robo-signing issue seem tame by comparison. I almost have to chuckle in wondering if India has any idea just what a mess they purchased, although they seem to revel in buying junk. Perhaps that's why they're so flexible in loan mods and such. It could be that they know they can't get clear title if they attempt to foreclose. But that's just conjecture.
BTY, the internal dudes that left are alive and well in the REO arena, having formed a new outsourcing company. Lots of politics take place and it never hurts to stay on top. It avoids getting in to a pissing contest with a skunk.


Edited by JackREO (10/23/11 08:41 PM)

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#392826 - 10/24/11 10:49 AM Re: Litton to Ocwen Transition Questions [Re: JackREO]
REO DISPATCH Offline
Member

Registered: 10/01/07
Posts: 377
Loc: REPO VILLE USA
Great info Jack and much appreciated. I guess the bottom line is 5%-6% commission savings, however I have noticed Ocwen assets tend to sell atleast 10% under most if not every other AMC, your thoughts? Hasn;t it always been "our selling point" that we charge x% however you will see more than this in return on the selling price and dom right?
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