Welcome to our dedicated page for Ocwen Financial Corporation news (Ticker: OCN), a resource for investors and traders seeking the latest updates and insights on Ocwen Financial Corporation stock.
Ocwen Financial Corporation (NYSE: OCN), transitioning to Onity Group Inc., is a leading non-bank mortgage servicer specializing in foreclosure prevention and loan modification solutions. This news hub provides investors and industry professionals with essential updates on strategic initiatives, regulatory compliance developments, and operational milestones.
Discover comprehensive coverage of earnings reports, service expansions, and technology investments that drive the company's customer-first approach. Our curated collection includes press releases about PHH Mortgage operations, Liberty Reverse Mortgage updates, and corporate rebranding progress.
Stay informed about OCN's evolving strategies in mortgage servicing and loss mitigation through verified updates on loan modification programs, regulatory filings, and market positioning. This resource eliminates the need to track multiple sources, offering organized access to critical information for investment analysis and industry monitoring.
Bookmark this page for real-time updates on operational developments affecting one of the nation's largest mortgage servicers. Check back regularly for insights into how Onity Group's technology-driven solutions continue shaping the non-bank lending landscape.
Blend Labs (NYSE: BLND) has announced a strategic partnership with PHH Mortgage, a subsidiary of Onity Group Inc., to modernize their home lending operations. The collaboration involves implementing Blend's Mortgage Suite, which includes the Loan Officer Toolkit and Blend Close features. The partnership aims to enhance borrower experience, reduce loan cycle times, and improve operational efficiency through automation of manual processes.
PHH Mortgage selected Blend for its comprehensive and integrated solutions that streamline document collection and enable digital closings within a single platform. According to HMDA data, 20 of the top 50 mortgage originators use Blend's platform as of September 30, 2024, highlighting the company's significant market presence.
On June 10, 2024, Ocwen Financial officially rebranded as Onity Group, with the NYSE trading symbol changing to ‘ONIT’. The rebranding marks the company’s transformation into a balanced and diversified business with a strong servicing platform, multi-channel originations, asset management capabilities, and a technology-enabled global platform. The name change underscores the company’s commitment to delivering results and creating success for its customers and stakeholders. Onity’s primary brands, PHH Mortgage and Liberty Reverse Mortgage, will rebrand to Onity Mortgage in the fall.
Ocwen Financial (NYSE: OCN) has received shareholder approval to rebrand as Onity Group, effective June 10, 2024, with the new NYSE trading symbol “ONIT”. This rebranding aligns with the company's transformation and cultural evolution. PHH Mortgage will also be rebranded as Onity Mortgage in the fall of 2024.
Glen A. Messina, CEO, expressed excitement about the rebranding, emphasizing its reflection of their confidence in business capabilities and commitment to stakeholders. The company's CUSIP number remains unchanged, and no shareholder action is required. The name change follows an earlier announcement made on April 3, 2024.
Ocwen Financial reported a strong first quarter in 2024 with a net income of $30 million and diluted earnings per share of $3.74. The company achieved an annualized return on equity of 29% and adjusted pre-tax income of $14 million. Moody’s Ratings upgraded the corporate family rating to B3 in April 2024. Ocwen announced plans to rebrand as Onity Group Inc. and begin trading under the stock symbol “ONIT” in June, subject to shareholder approval. The company reported total ending servicing UPB of $302 billion, ending subservicing UPB of $169 billion, and total liquidity of $219 million as of March 31, 2024. Ocwen reduced GAAP operating expenses by $9.7 million and increased the mix of higher margin products to 41% of owned MSR originations compared to the previous year. The company's book value per share was $56 as of March 31, 2024.
