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 a conference call on August 5, 2021, at 8:30 a.m. (ET) to discuss its Q2 2021 operating results and provide a business update. Interested participants can join the call by dialing (877) 344-8082 or (213) 992-4618. A live audio webcast will also be available on their Shareholder Relations page. An investor presentation will accompany the call, and a replay will be accessible for 30 days post-call. Ocwen is a prominent non-bank mortgage servicer and originator known for its brands, PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation (NYSE: OCN) announced its inclusion in the Russell 2000® and Russell 3000® Indexes, effective June 28, 2021. This milestone reflects the company's efforts to enhance shareholder value through operational improvements and strategic growth initiatives. Recent accomplishments include refinancing corporate debt maturing after 2025, establishing a joint venture for mortgage servicing rights with Oaktree Capital, and acquiring significant mortgage servicing rights from Texas Capital Bank and AmeriHome Mortgage. The company aims to increase visibility and attract investment through this index membership.
Ocwen Financial Corporation (NYSE: OCN) announced an agreement to acquire substantial operations and assets of Reverse Mortgage Solutions, Inc. (RMS) through its subsidiary, PHH Mortgage Corporation. This acquisition includes approximately 35,000 reverse mortgages valued at $7.8 billion in unpaid principal balance, with a purchase price of around $12.4 million. The transaction is anticipated to close in Q3 2021, pending regulatory approvals. Ocwen expects this acquisition to double its reverse servicing portfolio and enhance its technology capabilities.
Ocwen Financial Corporation (NYSE: OCN) has partnered with HomeFree-USA to create employment opportunities for graduates of its Center for Financial Advancement program at historically black colleges and universities (HBCUs). The initiative aims to enhance diversity in corporate America while providing financial literacy to HBCU students. The recruitment process for eligible graduates is expected to launch later this year. This collaboration underscores Ocwen's commitment to diversity and inclusion as well as its long-standing efforts to bridge the Black homeownership gap.
Ocwen Financial Corporation (NYSE: OCN) announced that its subsidiary, PHH Mortgage Corporation, has agreed to purchase mortgage servicing rights (MSRs) from AmeriHome Mortgage Company, totaling an unpaid principal balance of approximately $48 billion. This acquisition is set to increase PHH's servicing portfolio by roughly 16% and is expected to close by late Q2 2021, pending regulatory approvals. This deal aligns with Ocwen's goal to add up to $150 billion in new servicing this year, enhancing its market position as a leading non-bank mortgage servicer.
Ocwen Financial Corporation (NYSE: OCN) announced its joint venture with Oaktree Capital Management, launching MSR Asset Vehicle LLC (MAV) effective May 3, 2021. The partnership will see both companies invest up to $250 million to acquire mortgage servicing rights (MSRs) from Fannie Mae and Freddie Mac, with Ocwen holding a 15% stake. PHH Mortgage, a subsidiary of Ocwen, will provide essential services to MAV, potentially adding $60 billion of subservicing. Additionally, Oaktree acquired 4.9% of Ocwen's stock and $85.5 million in secured notes were issued to Oaktree, raising approximately $75 million for the company.
Ocwen Financial Corporation (NYSE: OCN) reported a strong financial performance for Q1 2021 with a net income of $8.5 million and pre-tax income of $11.6 million, marking a recovery from a net loss of $25.5 million in Q1 2020. The company is experiencing improved profitability and growth, raising its servicing target to $150 billion. Key highlights include a favorable $20.5 million MSR valuation adjustment and successful corporate debt refinancing. As of March 31, 2021, Ocwen has $276 million of unrestricted cash and credit. A conference call is scheduled for April 29, 2021, to discuss these results.
Ocwen Financial Corporation (NYSE: OCN) will hold a conference call on April 29, 2021, at 8:30 a.m. ET to discuss its preliminary first quarter 2021 operating results and provide a business update. Interested participants can access the call by dialing (877) 407-0792 or via a live audio webcast at www.ocwen.com. An investor presentation will accompany the call, available on the Shareholder Relations page. A replay of the call will be accessible on the website approximately two hours after the call concludes and will remain available for about 30 days.
Ocwen Financial Corporation announced agreements with Texas Capital Bank to enhance its Correspondent Lending business and mortgage servicing portfolio.
Ocwen plans to acquire Texas Capital Bank's Correspondent Lending division, which had a volume of approximately $2.4 billion in Q4 2020. Additionally, the company will procure mortgage servicing rights for a portfolio worth $14 billion.
These transactions, expected to close in Q2 2021, aim to help Ocwen add at least $100 billion in new servicing in 2021, significantly accelerating growth.
Ocwen Financial Corporation (NYSE: OCN) announced a favorable ruling from the Court regarding the Consumer Financial Protection Bureau (CFPB) case. The Court's final judgment supports Ocwen, closing the case after the CFPB dropped its remaining claims. Ocwen views this outcome as validation of its servicing practices. Should the CFPB appeal, Ocwen is prepared to defend its position vigorously. This legal resolution may positively impact Ocwen's operations and investor confidence.
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