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) stands as a prominent player in the financial services industry, specializing in mortgage loan servicing and origination. Founded in 1988 and headquartered in West Palm Beach, Florida, Ocwen operates through its primary subsidiaries, PHH Mortgage and Liberty Reverse Mortgage, delivering comprehensive mortgage solutions across the United States, the U.S. Virgin Islands, India, and the Philippines.
Renowned for its commitment to helping homeowners, Ocwen has carved a niche in foreclosure prevention and loss mitigation. The company prides itself on its impressive track record, having completed over 776,700 loan modifications and more than 318,000 HAMP-sponsored modifications, outpacing competitors by 49%. This dedication underscores Ocwen's mission to keep families in their homes while improving financial outcomes for investors.
Ocwen's core business revolves around PHH Mortgage, one of the largest non-bank mortgage servicers and originators in the U.S. As of September 30, 2023, PHH Mortgage managed a total servicing portfolio worth approximately $296 billion, including about $167 billion in subservicing. The company’s strategic alliance with Zillow Home Loans exemplifies its drive to expand its subservicing portfolio and enhance its industry standing. This partnership, marked by an initial transfer of loans in August 2023, highlights Ocwen's ability to integrate and innovate successfully.
Liberty Reverse Mortgage, another key subsidiary, is recognized as one of the nation’s leading reverse mortgage lenders. It focuses on educating customers and providing loans that cater to their personal and financial needs, thus reinforcing Ocwen's customer-centric approach.
Ocwen has consistently been acknowledged for its exceptional servicing standards. In 2023, PHH Mortgage earned accolades from Freddie Mac's Servicer Honors and Rewards Program (SHARP) and Fannie Mae's Servicer Total Achievement and Rewards (STAR) program, securing top-tier rankings for the third and second consecutive years, respectively. The company also achieved HUD’s Tier 1 servicer ranking, a testament to its industry-leading performance.
Financially, Ocwen has shown resilience and growth. In the first quarter of 2024, the company reported a GAAP net income of $30 million and an adjusted pre-tax income of $14 million. This reflects its strategic focus on capital-light growth, operational excellence, and disciplined MSR investing amidst market volatilities.
Looking ahead, Ocwen is set for a transformative phase. The company has announced plans to rebrand as Onity Group Inc., effective June 2024. This rebranding symbolizes Ocwen's evolution into a balanced and diversified mortgage company, emphasizing its enhanced capabilities, robust platform, and dedicated team. The new name, derived from
Ocwen Financial Corporation (NYSE: OCN) announced its fourth consecutive year partnering with the NAACP to support homeowners in financial distress through a series of virtual borrower outreach events. In 2023, approximately 40 events are planned across the U.S., building on past outreach that helped 225,000 borrowers since March 2020. The partnership, which began during the COVID-19 pandemic, aims to provide essential mortgage assistance information via local HUD-certified counseling speakers. PHH Mortgage, a subsidiary of Ocwen, has assisted over 1.5 million homeowners in avoiding foreclosure and has forgiven about $19.5 billion in mortgage debt. This initiative demonstrates Ocwen's commitment to helping communities, particularly those disproportionately affected by financial hardships, ensuring access to financial resources.
Ocwen Financial Corporation's subsidiary, PHH Mortgage Corporation, reports significant improvements in servicing for Sierra Pacific Mortgage after being chosen as its subservicer in December 2021. Key performance metrics show a 75% reduction in customer complaints and a 60% savings in servicing oversight costs. Sierra Pacific's operational efficiency increased, with significant drops in service escalations and a rise in scheduled payments. Annually, potential loss severity reductions of up to $2 million on Sierra Pacific’s portfolio are anticipated due to PHH’s expertise in special servicing. PHH has also gained recognition through multiple industry awards and expanded its subservicing portfolio by over $110 billion in two years, with plans to onboard an additional $18 billion in 2023.
Ocwen Financial Corporation (NYSE: OCN) reported a net income of $26 million for 2022, reflecting a 42% increase from 2021, with earnings per share (EPS) of $2.97, up 49%. However, the company faced a net loss of $80 million in Q4 2022, primarily due to income statement notables. Despite this, Ocwen achieved a $100 million cost reduction and increased liquidity to $219 million, up 13% year-over-year. Total servicing UPB reached $290 billion, an 8% increase, while subservicing grew by 18%. The company completed a $50 million share repurchase program and received accolades for servicing excellence from Fannie Mae and Freddie Mac.
Ocwen Financial Corporation (NYSE: OCN) announced that its subsidiary, PHH Mortgage, received the 2022 Freddie Mac Servicer Honors and Rewards Program (SHARP) Bronze Award for the third consecutive year. This accolade recognizes superior servicing performance and outstanding customer service in handling Freddie Mac mortgages. The award highlights PHH's dedication to operational excellence and customer satisfaction, aligning with Freddie Mac’s mission to enhance the mortgage servicing experience. With a focus on improving client interactions and reducing costs, PHH continues to demonstrate its commitment to the mortgage servicing industry.
Ocwen Financial Corporation (NYSE: OCN) has announced a conference call scheduled for February 28, 2023, at 8:30 a.m. (ET) to discuss its fourth quarter and full-year 2022 operating results. Interested parties can participate by dialing (877) 407-0792 or (201) 689-8263 about 10 minutes prior to the call. Additionally, a live audio webcast will be accessible through the Shareholder Relations page on Ocwen's website. An investor presentation will be available before the call, and a replay will be made available two hours post-call for 15 days. More information can be found on Ocwen's official website.
Ocwen Financial Corporation has announced leadership changes on January 23, 2023. Glen A. Messina has been elected as Chair of the Board, while continuing as President and CEO. He succeeds Phyllis R. Caldwell, who remains on the Board as an independent director. Kevin Stein has been appointed as the new Lead Independent Director. The Board believes this structure will provide strong oversight and leadership. Caldwell acknowledged the company's transformation during her tenure and expressed confidence in Messina’s leadership. Ocwen operates in the mortgage servicing sector through brands like PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation (NYSE: OCN) announced third quarter 2022 results, reporting a net income of $37 million and earnings per share of $4.33. The company completed an agreement with Oaktree for a $250 million incremental investment to acquire additional mortgage servicing rights (MSRs). The annualized return on GAAP book equity is at 27%, with total liquidity reaching $255 million. Total servicing portfolio UPB grew by 14% year-over-year. Ocwen emphasizes subservicing and has a robust sales pipeline of over $350 billion.
Ocwen Financial Corporation (NYSE: OCN) will host a conference call on November 3, 2022, at 8:30 a.m. (ET) to discuss its third quarter 2022 operating results and provide a business update. Interested parties can participate by calling (800) 458-4121 or (646) 828-8193, or join via a live audio webcast on the company's Shareholder Relations page. An investor presentation will also be available. A replay will be accessible on the website shortly after the conclusion of the call for 15 days.
Ocwen operates through brands such as PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation announced the appointment of Michael Keaton as Senior Vice President, Default Subservicing, at its subsidiary PHH Mortgage.
Keaton brings over 30 years of mortgage servicing experience to his new sales-focused role, aimed at leveraging PHH's special servicing capabilities to drive growth in sub-performing and non-performing loans.
Ocwen is recognized for its expertise in default management, having assisted over 1.5 million homeowners avoid foreclosure, and aims to support clients amid current industry challenges.
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