Mortgage

Mortgage servicer out of compliance with stock exchange listing rules

Embattled Ocwen spinoff has twice missed deadline on financial reports with SEC

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Mortgage servicer Home Loan Servicing Solutions, a spinoff of Ocwen Financial Corp., has fallen out of compliance with NASDAQ’s rules for continued listing on the stock exchange after twice delaying the filing of its 2014 annual report with the U.S. Securities and Exchange Commission. Nasdaq Listing Rule 5250(c)(1) requires timely filing of all required periodic financial reports with the SEC, but HLSS has delayed filing twice, saying it needs more time to prepare its Form 10-K filing “related to its ability to operate as a going concern and to provide such information to the auditors for the purposes of their audit of the company’s financial statements.” HLSS has until May 18 to submit a plan to regain compliance. The company said it will either file its Form 10-K or submit a compliance plan to NASDAQ by that date. If NASDAQ accepts HLSS’ plan, it may give the company an additional 180 days from the Form 10-K’s due date, or until Sept. 14, to regain compliance. But ...