Fat, you are right on target. Ocwen is the most un-levered, the lowest cost operator, the best management and is now selling at a huge discount to FMV. Money & patience buying Ocwen shares at this level can literally make one very wealth.
Fat...from investors far more knowledgeable than myself, the corp. rating upgrade will precede the servicer upgrade. Some think a servicer upgrade wont happen until Q1-Q2 of 2016. The sooner the better to relieve the overhang you mention, but the upgrade is almost a certainty. 2016 should be a very good year for Ocwen shareholders.
I'm thinking $7 is in the bag already. Even using that low as* multiple of 5x puts us at $35. New "robust" business in the pipeline. IF ASPS decides to buy material amounts of stock all bets are off. #tothemoon