Is Litton Loan Servicing Still in Business?

Litton Loan Servicing was once a prominent player in the mortgage servicing industry, known for managing loans and assisting homeowners with their mortgage needs. Founded in 1988, the company was headquartered in Houston, Texas, and played a significant role in the financial services sector.

However, the company underwent several significant changes over the years. In 2011, Litton Loan Servicing was acquired by Ocwen Financial Corporation, a leading provider of residential and commercial loan servicing. This acquisition marked a turning point for Litton Loan Servicing, as it was integrated into Ocwen’s operations.

Ocwen Financial Corporation, headquartered in West Palm Beach, Florida, is known for its extensive loan servicing operations and its focus on providing mortgage solutions to homeowners. Following the acquisition, Litton Loan Servicing’s operations were absorbed into Ocwen’s broader servicing platform. This transition meant that while Litton Loan Servicing as an independent entity ceased to exist, its legacy continued under Ocwen’s management.

Current Status of Litton Loan Servicing:

As of the latest updates, Litton Loan Servicing no longer operates as a standalone company. Instead, its operations and client base have been integrated into Ocwen Financial Corporation’s systems. Homeowners who previously worked with Litton Loan Servicing should now interact with Ocwen for any servicing needs related to their loans.

For those seeking information or assistance with mortgages that were previously managed by Litton Loan Servicing, contacting Ocwen Financial Corporation directly is the recommended course of action. Ocwen maintains the records and servicing responsibilities for these loans and offers support to homeowners in managing their mortgage accounts.

Why Litton Loan Servicing Was Acquired:

The acquisition of Litton Loan Servicing by Ocwen Financial Corporation was driven by several factors. Litton Loan Servicing had a substantial portfolio of mortgage loans, and Ocwen saw an opportunity to expand its servicing capabilities by integrating this portfolio. The acquisition allowed Ocwen to enhance its servicing operations and leverage Litton’s established infrastructure and client relationships.

Additionally, the integration of Litton’s operations into Ocwen’s platform was part of a broader trend in the mortgage servicing industry, where larger companies acquired smaller servicers to consolidate resources and improve efficiencies. This consolidation trend has been prevalent in the financial services sector as companies seek to strengthen their market positions and achieve economies of scale.

Impact on Homeowners:

For homeowners who had their loans serviced by Litton Loan Servicing, the transition to Ocwen Financial Corporation meant several changes. Homeowners needed to update their contact information and payment details to reflect the new servicing entity. Ocwen communicated these changes to affected customers and provided guidance on how to manage their accounts moving forward.

Despite the change in servicing companies, homeowners continued to receive the same level of support and servicing for their mortgages. Ocwen has committed to maintaining high standards of customer service and ensuring a smooth transition for homeowners previously served by Litton Loan Servicing.

Customer Service and Support:

Ocwen Financial Corporation has established dedicated customer service channels to assist former Litton Loan Servicing clients. Homeowners can reach out to Ocwen’s customer support team for any questions or issues related to their mortgage accounts. Ocwen provides various contact options, including phone support, online account management tools, and email assistance.

Additionally, Ocwen’s website offers resources and information to help homeowners navigate the transition and manage their mortgage accounts effectively. The company’s commitment to customer service ensures that homeowners have access to the support they need during and after the transition period.

Future of Mortgage Servicing:

The acquisition of Litton Loan Servicing by Ocwen Financial Corporation reflects broader trends in the mortgage servicing industry. As the industry continues to evolve, companies are focusing on consolidation and integration to streamline operations and enhance service delivery. This trend is likely to continue as companies seek to adapt to changing market conditions and meet the needs of homeowners more effectively.

For homeowners, it is essential to stay informed about any changes in mortgage servicing companies and to understand how these changes may impact their mortgage accounts. Staying in touch with the servicing entity and utilizing available resources can help ensure a smooth experience throughout any transitions.

Conclusion:

In summary, Litton Loan Servicing is no longer an independent company and has been integrated into Ocwen Financial Corporation. Homeowners who previously worked with Litton Loan Servicing should now contact Ocwen for all mortgage servicing needs. The acquisition represents a significant shift in the mortgage servicing landscape, driven by industry consolidation and the pursuit of operational efficiencies. Homeowners can expect continued support and service from Ocwen as they manage their mortgage accounts.