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.
Ocwen Financial Corporation (NYSE: OCN) announced that its mediation with the Consumer Financial Protection Bureau (CFPB) concluded without a settlement regarding a lawsuit from 2017 related to legacy servicing activities. The company expresses disappointment but remains committed to defending its position, stating the CFPB's claims are unsubstantiated. Additionally, Ocwen increased its legal and regulatory accrual by $13.1 million in Q4 2020 to address the mediation efforts.
Ocwen Financial has entered a definitive agreement with Oaktree Capital to launch a new MSR investment vehicle, expected to facilitate approximately $80 to $100 billion in new servicing. The partnership includes a planned $250 million equity investment by Oaktree, with potential acquisition of up to 7.9% of Ocwen's stock. Ocwen expects new contracts to add $30 to $40 billion in subservicing, with projected onboarding commencing in Q1 2021. Additionally, Ocwen originated $10 billion in volume in the first two months of Q4 2020, reflecting a 32% increase over the previous quarter.
Ocwen Financial Corporation has launched a new mobile app for its mortgage customers, enhancing convenience and insight. The app is available on iOS and Android and integrates Black Knight’s Servicing Digital platform, previously utilized for PHH's customer website. With approximately 1.2 million customers, the website sees around 500,000 monthly logins. The app allows for payments, loan management, and provides updated home valuations and neighborhood data. Ocwen aims to strengthen digital relationships and improve customer experience through continuous platform enhancements.
Ocwen Financial Corporation (NYSE: OCN) reported preliminary third quarter 2020 results, marking significant improvement in profitability and originations. The company posted a net loss of $9.4 million, a reduction from $42.8 million in Q3 2019. Adjusted pre-tax income was $13.5 million, the fourth consecutive quarter of positive adjusted pre-tax income. Notably, the company resolved a regulatory matter with Florida, enhancing operational stability. Total liquidity improved to $413 million, with substantial servicing volume growth of 67%. Ocwen plans to fund up to $55 billion through a new MSR asset vehicle.
Ocwen Financial Corporation (NYSE: OCN) has resolved a lawsuit from the State of Florida concerning legacy servicing activities without admitting liability. The settlement involves a payment of $5.16 million and an additional $1 million contingent on compliance with loan modification obligations. The company maintains that its servicing practices have provided significant consumer benefits, assisting over 1.5 million homeowners and forgiving approximately $19 billion in mortgage debt. The settlement is expected to have a negligible impact on Ocwen's financial condition.
Ocwen Financial Corporation (NYSE: OCN) will hold a conference call on October 20, 2020, at 8:30 a.m. (ET) to discuss preliminary third quarter 2020 operating results and provide a business update. The earnings update will be available on the company's website. A live audio webcast and slide presentation will also be accessible, encouraging participants to register early. A replay of the call will be available on the website for 30 days. Ocwen, headquartered in West Palm Beach, Florida, serves as a non-bank mortgage servicer through PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation (NYSE: OCN) reported approximately $2.5 billion in originations volume for August, nearly double June's figures. The total funded volume for Q3 so far is about $4.4 billion. CEO Glen A. Messina highlighted a 62% increase in quarter-to-date originations compared to last quarter and 16X compared to last year. Ocwen's annualized run-rate volume reached $30 billion. Additionally, the correspondent seller base grew by 23% in August, with expectations for further growth in originations staffing. The company's liquidity remains strong, further supporting growth.
Ocwen Financial Corporation (NYSE: OCN) has announced a reverse stock split at a ratio of one-for-15, effective August 13, 2020. This decision follows a prior approval for a one-for-25 reverse split on July 15, 2020, driven by a rise in the stock price. The split aims to consolidate shares from approximately 130 million to 8.7 million and authorize shares from 200 million to 13.3 million. The move may attract institutional investors, improve liquidity, and assist in compliance with NYSE's minimum share price requirement.
Ocwen Financial Corporation (NYSE: OCN) subsidiary, PHH Mortgage, has expanded its partnership with the NAACP to host over 30 virtual borrower outreach events for customers struggling with mortgage payments due to COVID-19. Events will provide mortgage assistance information and allow participants to schedule one-on-one meetings with housing counselors. Since March 2020, PHH Mortgage has assisted over 130,000 borrowers with mortgage forbearance and completed more than 800,000 loan modifications in the last 12 years.
Ocwen Financial Corporation (NYSE: OCN) reported preliminary second-quarter 2020 results showing a net income of $2.0 million, contrasting sharply with a net loss of $89.7 million in the same period last year. The adjusted pre-tax income stood at $18 million, a significant turnaround from the $27 million loss previously. Originations surged 75% from the prior quarter, reaching $4.0 billion. The company’s cash reserves improved to $314 million, up from $264 million. A reverse stock split of 1:25 is planned for early August 2020 following shareholder approval.
