Ocwen Financial

Ocwen Financial Corp. is a financial services holding company, which engages in the servicing and origination of mortgage loans through its subsidiaries. It operates through the following business segments: Servicing, Lending, and Corporate Items and Other. The Servicing segment engages in the residential servicing business, which offers residential and commercial mortgage loan servicing, special servicing, and asset management services. The Lending segment is involved in originating and purchasing conventional and government-insured residential forward and reverse mortgage loans mainly through correspondent lending arrangements, broker relationships and directly with mortgage customers. The Corporate Items and Other segment includes revenues and expenses that are not directly related to other reportable segments. The company was founded in February 1988 and is headquartered in West Palm Beach, FL.

Earnings data Q2 2020

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Earnings data Q1 2021

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Earnings data Q1 2024

OCN reports improved Q1 income but faces origination challenges

OCN's Q1 2023 performance showed improved adjusted pretax income but a significant GAAP net loss. The company's balanced business approach and strong liquidity are notable strengths, while challenging market conditions and lower origination volumes present hurdles. Opportunities lie in maximizing shareholder value and expanding capital partner relationships.

Ocwen reports solid Q2 earnings, eyes growth in subservicing sector

Ocwen's performance in the second quarter was driven by reverse servicing, with stable liquidity levels and a strong improvement in adjusted pre-tax income. The company successfully closed the CFPB case, and it continues to see strong client interest in subservicing and observes heightened M&A opportunities. However, it faces challenges in the third quarter due to seasonally higher run-off and increased employee costs.

Ocwen Financial Corporation Reports Profitable Q3, Targets Subservicing Growth

Ocwen Financial Corporation's Q3 performance reflects profitability in both originations and servicing, with a focus on cost management and strategic partnerships. While the company faces stock performance challenges and complexities in MSR transactions, it is well-positioned to capitalize on growth opportunities in subservicing and higher margin origination channels.

Ocwen reports improved Q4 performance amidst strategic transformation

Ocwen Financial Corporation's Q4 performance showed improved adjusted pretax income, despite overall net losses. The company's strategic focus on growth, cost efficiency, and profitability enhancement highlights its commitment to delivering value to shareholders. Challenges include net losses, servicing advances, and market uncertainties, but opportunities in MSR sales, subservicing growth, and market expansion offer avenues for future success.

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WEST PALM BEACH, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced its second quarter 2023 results and provided a business update.

Ocwen Financial Announces Second Quarter 2023 Results

WEST PALM BEACH, Fla., July 27, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Thursday, August 3, 2023 at 8:30 a.m. (ET) to review the Company's second quarter 2023 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – Second Quarter 2023 Results and Business Update

Ocwen Financial Corporation (NYSE:OCN ) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET Company Participants Dico Akseraylian - SVP of Communications Glen Messina - CEO, President and Chair of the Board Sean O'Neil - Executive VP and CFO Conference Call Participants Derek Sommers - Jefferies Eric Hagen - BTIG Operator Thank you for standing by. This is the conference operator.

Ocwen Financial Corporation (OCN) Q1 2023 Earnings Call Transcript

WEST PALM BEACH, Fla., May 04, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced its first quarter 2023 results and provided a business update.

Ocwen Financial Announces First Quarter 2023 Results

WEST PALM BEACH, Fla., May 03, 2023 (GLOBE NEWSWIRE) -- PHH Mortgage Corporation (“PHH” or the “Company”), a subsidiary of Ocwen Financial Corporation (NYSE: OCN) and a leading non-bank mortgage servicer and originator, today announced that it has entered into a reverse mortgage subservicing agreement with Finance of America Reverse LLC (“FAR”).

PHH Mortgage Announces New Subservicing Agreement with Finance of America Reverse

WEST PALM BEACH, Fla., May 02, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today issued the following statement in response to rulings entered on May 2, 2023 by the United States District Court for the Southern District of Florida in the Company's pending litigation with the Consumer Financial Protection Bureau (“CFPB”).

Ocwen Financial Comments on U.S. District Court's Favorable Decision in CFPB Matter

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Ocwen (OCN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Analysts Estimate Ocwen Financial (OCN) to Report a Decline in Earnings: What to Look Out for

WEST PALM BEACH, Fla., April 26, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Thursday, May 4, 2023 at 8:30 a.m. (ET) to review the Company's first quarter 2023 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – First Quarter 2023 Results and Business Update

Fourth consecutive year partnering with NAACP for annual borrower outreach series 40 regional virtual events planned for 2023 WEST PALM BEACH, Fla., April 25, 2023 (GLOBE NEWSWIRE) -- PHH Mortgage, a subsidiary of Ocwen Financial Corporation (NYSE: OCN) and a leading non-bank mortgage servicer and originator, announced the renewal of its partnership with the NAACP to host regional virtual borrower outreach events for PHH Mortgage customers who are having trouble making their mortgage payments.

PHH Mortgage Renews Partnership with NAACP to Help Homeowners Through Virtual Borrower Outreach Series

Achieving substantial improvements in customer experience and servicing oversight costs Achieving substantial improvements in customer experience and servicing oversight costs

PHH Mortgage Announces Initial Results of New Subservicing Relationship With Sierra Pacific

Awarded for the second consecutive year Awarded for the second consecutive year

PHH Mortgage Recognized by Fannie Mae as a 2022 Star Performer

Ocwen Financial Corporation (NYSE:OCN ) Q4 2022 Earnings Conference Call February 28, 2023 8:30 AM ET Company Participants Dico Akseraylian – Senior Vice President-Corporate Communications Glen Messina – Chief Executive Officer Sean O'Neil – Chief Financial Officer Conference Call Participants Bose George – KBW Lee Cooperman – Omega Family Office Kyle Joseph – Jefferies Matthew Howlett – B. Riley Eric Hagen – BTIG Operator Greetings, and welcome to the Ocwen Financial Corporation Fourth Quarter Earnings and Business Update Conference Call.

Ocwen Financial Corporation (OCN) Q4 2022 Earnings Call Transcript

WEST PALM BEACH, Fla., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced its full year and fourth quarter 2022 results.

Ocwen Financial Announces Full Year and Fourth Quarter 2022 Results

Awarded for the third consecutive year Awarded for the third consecutive year

PHH Mortgage Honored by Freddie Mac for Superior Loan Servicing

WEST PALM BEACH, Fla., Feb. 17, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Tuesday, February 28, 2023 at 8:30 a.m. (ET) to review the Company's fourth quarter and full-year 2022 operating results.

Ocwen Financial Schedules Conference Call – Fourth Quarter and Full-Year 2022 Results

Ocwen (OCN) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Ocwen (OCN) Moves to Buy: Rationale Behind the Upgrade

Phyllis Caldwell to Remain on the Board; Kevin Stein to Assume the Role of Lead Independent Director Phyllis Caldwell to Remain on the Board; Kevin Stein to Assume the Role of Lead Independent Director

Ocwen Financial President and CEO Glen Messina Appointed as Board Chair

Ocwen (OCN) made it through our 'Fast-Paced Momentum at a Bargain' screen and could be a great choice for investors looking for stocks that have gained strong momentum recently but are still trading at reasonable prices.

Despite Fast-paced Momentum, Ocwen (OCN) Is Still a Bargain Stock

Ocwen Financial Corporation (NYSE:OCN ) Q3 2022 Results Conference Call November 3, 2022 8:30 AM ET Company Participants Dico Akseraylian - Senior Vice President Corporate Communications Glen Messina - Chief Executive Officer Sean O'Neil - Chief Financial Officer Conference Call Participants Derek Sommers - Jefferies Bose George - KBW Matthew Howlett - B. Riley Eric Hagen - BTIG Lee Cooperman - Omega Advisors Operator Good day.

Ocwen Financial Corporation (OCN) Q3 2022 Earnings Call Transcript

Completes agreement with Oaktree for incremental $250 million investment to acquire additional MSRs through MSR Asset Vehicle Completes agreement with Oaktree for incremental $250 million investment to acquire additional MSRs through MSR Asset Vehicle

Ocwen Financial Announces Third Quarter 2022 Results

WEST PALM BEACH, Fla., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Thursday, November 3, 2022 at 8:30 a.m. (ET) to review the Company's third quarter 2022 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – Third Quarter 2022 Results and Business Update

30 years of experience in mortgage subservicing and default servicing

PHH Mortgage Names Industry Veteran Michael Keaton as Senior Vice President of Default Subservicing

WEST PALM BEACH, Fla. , Sept. 09, 2022 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, issued the following statement in response to the minimum financial eligibility requirements for enterprise seller/servicers and Ginnie Mae issuers announced by the Federal Housing Finance Agency (“FHFA”) and Ginnie Mae (“GNMA”).

Ocwen Financial Comments On New Financial Eligibility Requirements Announced by FHFA and Ginnie Mae

Ocwen Financial Corporation remains sturdy amidst headwinds with its well-balanced business model. Revenue growth is hammered, but margins and cash inflows are stable.

News for Ocwen Financial Stock (OCN)