Ocwen Financial Corp. ($19.73 0.18%) reduced principal for 18,924 mortgage borrowers as of May as part of its shared appreciation program launched one year ago.
The average monthly payment on principal and interest shrank to $624 from $1,270 before the modification was granted. Ocwen reduced an average $75,500 per loan.
Fewer than 10% of the modified loans went 60 days or more delinquent six months after the workout, according to data provided to HousingWire.
Comparatively, 14.1% of third-quarter modifications by all servicers regulated by the Office of the Comptroller of the Currency went just as delinquent after the same amount of time, according to government data.
