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Onity Group Inc. (NYSE: ONIT) is a premier non-bank mortgage servicer and originator, offering comprehensive solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. With a robust presence in the United States, the U.S. Virgin Islands, India, and the Philippines, Onity stands out as a leader in the financial services sector.
PHH Mortgage is one of the largest mortgage servicers in the nation. It focuses on delivering a variety of servicing and lending programs, ensuring clients receive customized and efficient financial solutions. Liberty Reverse Mortgage, on the other hand, is dedicated to educating clients and providing reverse mortgage loans that meet their unique personal and financial needs.
Recently, Onity Group announced a significant rebranding from its former name, Ocwen Financial Corporation. The new brand reflects the company's transformation into a more balanced and diversified business. This change is not just cosmetic but signifies a renewed commitment to innovation, operational excellence, and customer satisfaction.
Under the leadership of Glen A. Messina, Chair, President, and CEO, Onity Group has built a strong servicing platform with industry-leading cost and operational performance. The company's multi-channel originations and asset management capabilities are enhanced by a technology-enabled global platform, ensuring a seamless and efficient experience for clients.
As part of its rebranding, Onity's primary brands, PHH Mortgage and Liberty Reverse Mortgage, will gradually transition to Onity Mortgage. This move aims to unify the company's identity and streamline its services under a single, recognizable name.
Financially, Onity Group has shown resilience and growth, with its common stock now trading on the New York Stock Exchange under the symbol ONIT. The company continues to expand its reach and impact, driven by a culture of accountability and relentless pursuit of success for its customers and stakeholders.
For more information about Onity Group and its services, visit onitygroup.com.
Onity Group Inc. (NYSE: ONIT) has announced multiple transactions to accelerate its capital restructuring plans. Key points include:
- Selling its 15% interest in MAV to Oaktree for approximately $49 million
- Redeeming at least $150 million of Onity Notes in Q4 2024
- Acquiring assets from Mortgage Assets Management (MAM) with an estimated net asset value of $55 million
- Completing a securitization transaction resulting in $46.1 million of liquidity
- Selling a portfolio of Fannie Mae and Freddie Mac MSRs, reducing MSR debt by $73.4 million and receiving $26.5 million in cash
- Purchasing and cancelling $23.5 million of PMC Notes at a discount
These transactions aim to reduce high-cost corporate debt, improve future income and cash flow, and strengthen Onity's position in reverse servicing.
Waterfall Asset Management has announced a strategic partnership expansion with Onity Group Inc. (NYSE: ONIT), involving the transfer of reverse mortgage assets from Waterfall's subsidiary, Mortgage Assets Management, (MAM), to Onity. The assets include Home Equity Conversion Mortgages (HECMs) and related securities, which are already subserviced by Onity's subsidiary, PHH Mortgage
Leo Wong, Partner at Waterfall, emphasized the transaction's importance in growing their reverse mortgage initiatives and leveraging complementary strengths with Onity. Wong also highlighted the value of HECMs for homeowners seeking to access equity without selling their homes, especially in the current low mortgage rate environment.
This move demonstrates Waterfall's commitment to expanding its presence in the reverse mortgage sector while capitalizing on Onity's operational capabilities.
Onity Group Inc. (NYSE: ONIT) reported strong Q2 2024 results, with $11 million in net income and $1.33 diluted EPS. The company achieved an adjusted pre-tax income of $32 million, primarily driven by its servicing segment, resulting in a 28% annualized adjusted pre-tax return on equity. Onity added $19 billion in total servicing, including $12 billion in subservicing. The company's debt-to-equity ratio improved to 3.88 to 1. In July, Onity entered a letter of intent to acquire reverse mortgage assets from Waterfall Asset Management, including a $3 billion projected UPB servicing portfolio. The transaction, expected to close in H2 2024, will be financed through $51.7 million in new preferred stock issued to Waterfall.
Onity Group Inc. (NYSE: ONIT), a leading non-bank mortgage servicer and originator, has announced a conference call scheduled for Thursday, August 1, 2024, at 8:30 a.m. (ET). The call will review the company's second quarter 2024 operating results and provide a business update. Interested parties can join via phone or through a live audio webcast available on the company's website.
An investor presentation will accompany the call and will be accessible on the Shareholder Relations page at onitygroup.com prior to the event. A replay of the conference call will be available on the website and via phone until August 15, 2024.
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.
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