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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 (NYSE: ONIT) reported strong financial results for 2024, achieving its highest net income since 2013 at $33 million, with diluted EPS of $4.13 and ROE of 8%. The company's adjusted pre-tax income reached $90 million, resulting in adjusted ROE of 20%.
Key highlights include: total servicing additions of $86 billion, book value per share increase of $4 to $56, and corporate debt reduction of $145 million. The fourth quarter saw a net loss of $29 million due to $41 million in debt restructuring charges.
Operational achievements include: originations volume of $30 billion in 2024 (up 33% from 2023), total servicing UPB of $302 billion (up $13 billion YoY), and maintained total liquidity at $248 million. For 2025, the company increased its adjusted ROE guidance to 16-18%.
Onity Group (NYSE: ONIT) has announced a conference call scheduled for Thursday, February 13, 2025, at 8:30 a.m. ET to discuss their fourth quarter and full-year 2024 operating results.
Participants can join via phone by dialing (800) 274-8461 or (203) 518-9814, referencing 'Onity,' or through a live audio webcast available on the company's Shareholder Relations webpage. An investor presentation will be accessible on the website before the call.
A replay will be available on the website approximately two hours after the call ends, with a telephonic replay accessible until February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671 with access code 11157783.
PHH Mortgage, a subsidiary of Onity Group Inc. (NYSE: ONIT), has launched an AI assistant called LASI on its LoanSpan client reporting and analytics platform. The AI assistant is designed to enhance client experience by simplifying access to platform data for PHH subservicing clients.
LASI's key features include the ability to analyze text queries and retrieve answers from various documents, understand complex questions, eliminate manual searching, and seamlessly escalate inquiries to the Client Relations team. The platform maintains built-in security measures to protect sensitive information.
LoanSpan, PHH's proprietary knowledge platform, underwent a comprehensive upgrade in 2023 to enhance its user interface and add self-service tools. The platform serves as a one-stop shop for clients to access customer information, portfolio data, and analytics tools with customizable dashboards for monitoring performance and KPIs.
Blend Labs (NYSE: BLND) has announced a strategic partnership with PHH Mortgage, a subsidiary of Onity Group Inc., to modernize their home lending operations. The collaboration involves implementing Blend's Mortgage Suite, which includes the Loan Officer Toolkit and Blend Close features. The partnership aims to enhance borrower experience, reduce loan cycle times, and improve operational efficiency through automation of manual processes.
PHH Mortgage selected Blend for its comprehensive and integrated solutions that streamline document collection and enable digital closings within a single platform. According to HMDA data, 20 of the top 50 mortgage originators use Blend's platform as of September 30, 2024, highlighting the company's significant market presence.
Onity Group (NYSE: ONIT), a leading non-bank mortgage servicer and originator, has appointed Valerie Haertel as Vice President of Investor Relations. Reporting to CFO Sean O'Neil, Haertel will lead investor relations activities, focusing on communicating business strategy and financial performance to the investment community.
Haertel brings over 20 years of experience in financial services and healthcare sectors, having led investor relations at notable companies including Vestis, CVS Health, BNY, and State Street She is a past chair of the National Investor Relations Institute and has received recognition from IR Magazine and Institutional Investor Magazine. The appointment comes as Onity continues its business transformation efforts.
Onity Group (NYSE: ONIT) has completed the sale of its 15% stake in MSR Asset Vehicle (MAV) to Oaktree Capital Management for $49.5 million in cash. The company's subsidiary, PHH Mortgage , will continue as the exclusive subservicer of MAV's portfolio for five years and will subservice most new MSRs acquired by MAV. The transaction includes a 36-month restriction on MAV's MSR sales.
Concurrent with the sale, Onity used the proceeds from a $500 million Senior Notes offering (9.875% due 2029) and the MAV sale proceeds to redeem $289 million of PHH Mortgage's 7.875% Senior Notes and $285 million of Onity's 12.00%/13.25% Senior Second Lien Notes.
Onity Group (NYSE: ONIT) announced the closing of a $500 million senior notes offering with a 9.875% interest rate due 2029 through its subsidiary PHH Escrow Issuer The proceeds, along with additional cash and funds from the sale of Onity's 15% stake in MSR Asset Vehicle to Oaktree Capital Management, will be used to redeem $289 million of PHH Mortgage 's 7.875% Senior Notes and $285 million of Onity's 12.00%/13.25% Senior Second Lien Notes. The new debt structure offers nearly 300 basis points better yield, aimed at supporting growth and enhancing financial flexibility.
Onity Group reported strong Q3 2024 results with net income of $21 million and diluted EPS of $2.65. The company achieved an adjusted pre-tax income of $35 million, with a return on equity of 19% and adjusted pre-tax ROE of 31%. Key highlights include $18 billion in total servicing additions, improved book value per share to $59.50, and debt-to-equity ratio reduction to 2.9x from 3.9x. Originations volume reached $8.5 billion, up 23% from Q2 2024. The company successfully priced $500 million of senior notes due 2029 and reduced MSR and Corporate debt by $182 million in 2024.
Onity Group (NYSE: ONIT), a leading non-bank mortgage servicer and originator, has announced a conference call scheduled for Tuesday, November 5, 2024, at 8:30 a.m. ET. The call will cover third quarter 2024 operating results and provide a business update.
Participants can join via phone at (800) 343-5172 or (203) 518-9856, or through a live audio webcast on the company's website. An investor presentation will be available before the call on the Shareholder Relations page. A replay will be accessible through the website and phone until November 19, 2024.
Onity Group (NYSE: ONIT) announced the pricing of $500 million of 9.875% Senior Notes due 2029 at 99.556% of principal value. The notes will be initially issued by PHH Escrow Issuer , a subsidiary of PHH The proceeds, along with additional cash, will be held in escrow pending conditions including the completion of Onity's sale of its 15% stake in MSR Asset Vehicle to Oaktree Capital Management funds. Upon meeting escrow conditions, PHH will become co-issuer, with Onity and certain subsidiaries becoming guarantors. The proceeds will be used to redeem PHH Mortgage's 7.875% Senior Notes due 2026 and Onity's 12.00%/13.25% Senior Second Lien Notes due 2027.
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