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) reported a net income of $18 million for the full year 2021, maintaining strong performance with $152 billion in total servicing additions. The fourth quarter saw an adjusted pre-tax income of $10 million, marking the ninth consecutive quarter of positive adjusted pre-tax results. Key highlights include a 172% increase in correspondent channel volume and a 42% year-over-year growth in total servicing portfolio, reaching $268 billion. The company completed the acquisition of RMS, positioning itself for substantial growth in the reverse mortgage sector.
Ocwen Financial Corporation (NYSE: OCN) announced that its subsidiary, PHH Mortgage, received the Gold Award from the 2021 Freddie Mac Servicer Honors and Rewards Program (SHARP). This recognition highlights PHH as the top performer among companies servicing over 200,000 Freddie Mac mortgages. The award acknowledges superior servicing, outstanding customer service, and effective delinquency management. Scott Anderson, Executive Vice President at PHH, emphasized the award's reflection of their team's commitment to excellence in mortgage servicing.
Ocwen Financial Corporation (NYSE: OCN) announced a conference call on February 25, 2022, at 8:30 a.m. (ET) to discuss its fourth-quarter 2021 results and provide a business update. Interested participants can join by dialing (877) 407-0792 or (201) 689-8263. The call will also be accessible via a live audio webcast on the company's Shareholder Relations page. An investor presentation will accompany the call and be available online prior. A replay of the call will be accessible about two hours later for 30 days.
Ocwen Financial Corporation (NYSE: OCN) announced an extension of its partnership with the NAACP to host over 55 borrower outreach events in 2022, responding to ongoing mortgage payment challenges faced by homeowners. Following more than 90 events during the pandemic, these gatherings will provide mortgage assistance information and opportunities for one-on-one consultations with housing counselors. Since March 2020, PHH Mortgage has aided over 200,000 borrowers with mortgage forbearance and helped more than 1.5 million homeowners avoid foreclosure, forgiving approximately $19 billion in mortgage debt.
Ocwen Financial Corporation (NYSE: OCN) reported a third-quarter net income of $22 million and earnings per share of $2.35, recovering from a net loss of $9 million in the previous year. Adjusted pre-tax income reached $37 million, marking the eighth consecutive quarter of profitability. The company saw substantial growth in servicing additions, up 77% year-over-year, and significant increases in correspondent and consumer direct volumes, up 179% and 61%, respectively. Their total servicing portfolio increased to $248 billion, representing a 38% year-over-year growth.
Ocwen Financial Corporation (NYSE: OCN) will host a conference call on November 8, 2021, at 8:30 a.m. ET to discuss its third quarter 2021 operating results and provide a business update. Participants can join by calling (877) 407-0792 or via a live audio webcast through the Shareholder Relations page on Ocwen's website. An investor presentation will precede the call and be available online. A replay will be accessible approximately two hours post-call for 30 days. Ocwen operates under the brands PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation (NYSE: OCN) has reported a significant increase in its Correspondent Lending business, showing a 240% rise in origination volume to $10.5 billion during the first nine months of 2021. The annualized volume run-rate reached $21.6 billion in Q3, supported by a growth in its seller base to 700. The company completed the acquisition of Texas Capital Bank’s Correspondent Lending unit, enhancing its capabilities and personnel. New executives have been added to bolster sales operations as Ocwen anticipates setting a new record for origination volume this year.
Ocwen Financial Corporation (NYSE: OCN) announced the completion of its acquisition of RMS's reverse mortgage servicing platform and the equity interests in REO Management Solutions. This strategic move, valued at approximately $12.4 million, significantly expands PHH Mortgage's portfolio to include around 57,000 reverse mortgages totaling $14.3 billion in unpaid principal balance (UPB). PHH will also begin servicing its own portfolio of 34,000 reverse mortgages, estimated at $6.7 billion UPB. This acquisition is expected to enhance Ocwen's capabilities and growth in the reverse mortgage sector.
FAQ
What is the current stock price of Ocwen Financial Corporation (OCN)?
What is the market cap of Ocwen Financial Corporation (OCN)?
What does Ocwen Financial Corporation primarily do?
Where is Ocwen Financial Corporation headquartered?
What are some achievements of Ocwen in foreclosure prevention?
What is PHH Mortgage's role within Ocwen?
What recognition has PHH Mortgage received for its servicing standards?
What is Liberty Reverse Mortgage?
When will Ocwen rebrand to Onity Group Inc.?
Why is Ocwen rebranding to Onity Group Inc.?
What financial performance did Ocwen report in Q1 2024?
How can I get more information about Ocwen Financial Corporation?
