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 Q3 2020

Earnings data Q4 2020

Earnings data Q1 2021

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Earnings data Q4 2021

Earnings data Q1 2022

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Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Ocwen Financial reports mixed Q4 results, focuses on growth strategies

Ocwen Financial navigated a challenging Q4 with a focus on cost reduction, portfolio growth, and capital management for stability and growth.
Despite market headwinds, the company's strong expense efficiency, industry recognition, and growth strategies position it for future profitability.
Management's emphasis on stable returns, market recognition, and strategic investments underscores Ocwen Financial's resilience and growth potential.

Ocwen Financial reports Q1 results, focuses on risk management strategies

Ocwen Financial navigates Q1 2023 with a focus on managing interest rate risk exposure and optimizing its financial structure. Legal wins and a strategic business approach contribute to stability amidst market challenges. Proactive risk management and a strong liquidity position position the company for growth opportunities.

Ocwen Financial reports solid Q2 earnings, eyes growth opportunities

Ocwen Financial's Q2 earnings call highlighted a strong financial performance, cost reduction efforts, and focus on expanding in the correspondent sector. Challenges in the reverse space and uncertainties in asset purchases were noted, while opportunities exist in growing the customer base and capitalizing on potential industry shifts.

Ocwen Financial reports solid Q3 earnings, eyes subservicing growth

Ocwen Financial's Q3 performance reflects profitability in servicing and originations, with a focus on cost management and debt reduction.
The company's strengths include a diversified business model, strong operational performance, and expanding capital partner relationships.
Challenges include balancing MSR ownership, market environment navigation, and optimizing leverage profile.
Opportunities lie in expanding subservicing, enhancing profitability, and developing investor relationships for sustained growth.

Ocwen Financial reports improved Q4 income, eyes subservicing growth

Ocwen Financial's Q4 2023 Earnings Call highlighted improved adjusted pretax income, focus on managing MSR fair value changes, and strategic initiatives for profitability enhancement. The company aims to aggressively grow its subservicing business, reduce servicing advances, and optimize its capital structure. Opportunities in the reverse mortgage market and deleveraging through debt repurchases were key points.

Ocwen Financial excels in Q1, rebrands to Onity Group

Ocwen Financial's Q1 2024 earnings call highlighted strong financial performance, strategic transformation, and recognition from Moody's for profitability gains. The company's focus on subservicing growth, technology, and deleveraging aligns with its goal of delivering sustainable value to shareholders.

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Onity Group, Inc. 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.

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Ocwen (OCN) is on the Move, Here's Why the Trend Could be Sustainable

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What Makes Ocwen (OCN) a Good Fit for "Trend Investing"

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WEST PALM BEACH, Fla., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that Neighborhood Housing Services of New York City (“NHSNYC”) has named the Company as this year's External Partner of the Year Award winner. The award was presented to the Company at NHSNYC's annual Benefit Gala on November 16.

Ocwen Financial Wins External Partner of the Year From Neighborhood Housing Services of New York City

Ocwen Financial (OCN) CEO, Glen Messina on Q3 2021 Results - Earnings Call Transcript

Ocwen (OCN) delivered earnings and revenue surprises of 43.13% and 4.56%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?

Ocwen Financial (OCN) Tops Q3 Earnings and Revenue Estimates

WEST PALM BEACH, Fla., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced its third quarter 2021 results and provided an update on the Company's key business priorities.

Ocwen Financial Announces Third Quarter 2021 Results

WEST PALM BEACH, Fla., Nov. 02, 2021 (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 Monday, November 8, 2021 at 8:30 a.m. (ET) to review the Company's third quarter 2021 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – Third Quarter 2021 Results and Business Update

WEST PALM BEACH, Fla., Oct. 14, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today provided an update on the significant growth in its Correspondent Lending channel, and announced the addition of senior sales executives to its team. The Company's Correspondent Lending business provides originations solutions and operates under its PHH Mortgage (“PHH”) brand.

Ocwen Financial Provides Update on Correspondent Lending Channel Growth and Organization

Ocwen (OCN) completes the deal with Reverse Mortgage Solutions to buy its reverse mortgage servicing platform and real estate owned business.

Ocwen (OCN) Buys Reverse Mortgage Servicing and REO Platforms

WEST PALM BEACH, Fla., Oct. 04, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its wholly-owned subsidiary, PHH Mortgage Corporation (“PHH”), has completed the previously announced transaction with Reverse Mortgage Solutions, Inc. (“RMS”) and its parent, Mortgage Assets Management, LLC (“MAM”), to acquire substantially all of the RMS reverse mortgage servicing platform and all of the outstanding equity interests in the RMS Real Estate Owned business, REO Management Solutions, LLC (“REO”). MAM is a subsidiary of investment funds managed by Waterfall Asset Management, LLC (“Waterfall”).

Ocwen Financial Announces Closing With Reverse Mortgage Solutions to Acquire Reverse Mortgage Servicing and REO Platforms

WEST PALM BEACH, Fla., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today provided information regarding its second quarter 2021 results and progress on the Company's key business priorities. A presentation with additional detail regarding today's announcement will be available on the Ocwen Financial Corporation website at www.ocwen.com  (through a link on the Shareholder Relations page) prior to the Company's second quarter 2021 earnings conference call scheduled for Thursday, August 5, 2021 at 8:30 am ET.

Ocwen Financial Provides Business Update and Second Quarter 2021 Results

WEST PALM BEACH, Fla., Aug. 02, 2021 (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 5, 2021 at 8:30 a.m. (ET) to review the Company's second quarter 2021 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – Second Quarter 2021 Results and Business Update

WEST PALM BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it is set to join the Russell 2000® and Russell 3000® Indexes at the conclusion of the 2021 Russell indexes annual reconstitution, effective at the opening of the US equity markets on Monday, June 28, 2021.

Ocwen Financial Announces Inclusion in the Russell 2000® Index

WEST PALM BEACH, Fla., June 18, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its wholly-owned subsidiary, PHH Mortgage Corporation (“PHH”), has entered into an agreement with Reverse Mortgage Solutions, Inc. (“RMS”) and its parent, Mortgage Assets Management, LLC (“MAM”), to acquire substantially all of the operations, assets and employees of the RMS reverse mortgage servicing platform. MAM is a subsidiary of investment funds managed by Waterfall Asset Management, LLC (“Waterfall”). The Company will also acquire all of the outstanding equity interests in the RMS Real Estate Owned business, REO Management Solutions, LLC (“REO”).

Ocwen Financial Announces Agreement With Reverse Mortgage Solutions to Acquire Reverse Mortgage Servicing Platform

WEST PALM BEACH, Fla., June 15, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that the Company has partnered with HomeFree-USA, one of the nation's leading, Black-founded HUD-approved community-based financial counseling nonprofit organizations, to create a direct hiring pipeline for graduates of HomeFree-USA's Center for Financial Advancement® (“CFA”) program at historically black colleges and universities (“HBCUs”).

Ocwen Financial and HomeFree-USA Partner to Expand Hiring Opportunities for Mortgage Professionals of Color

WEST PALM BEACH, Fla., May 24, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its wholly-owned subsidiary, PHH Mortgage Corporation (“PHH”), has entered into an agreement with AmeriHome Mortgage Company, LLC (“AmeriHome”) to purchase, in bulk, mortgage servicing rights (“MSRs”) with a total unpaid principal balance of approximately $48 billion.

Ocwen Financial Announces Agreement With AmeriHome to Purchase $48 Billion in Bulk Mortgage Servicing Rights

WEST PALM BEACH, Fla., May 06, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced the completion of the previously announced transaction with funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to operate an MSR investment joint venture, MSR Asset Vehicle LLC (“MAV”), effective May 3, 2021.

Ocwen Financial Announces Closing Of Transaction With Oaktree To Operate MSR Investment Joint Venture

Continued earnings improvement and strong originations activity

Ocwen Financial Provides Business Update and Preliminary First Quarter 2021 Results

WEST PALM BEACH, Fla., April 26, 2021 (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, April 29, 2021 at 8:30 a.m. (ET) to review the Company's preliminary first quarter 2021 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – Preliminary First Quarter 2021 Results and Business Update

Agreements Accelerate Growth Plans for Servicing and Correspondent Lending Agreements Accelerate Growth Plans for Servicing and Correspondent Lending

Ocwen Financial Announces Agreements With Texas Capital Bank to Acquire Correspondent Lending Business and $14 Billion in Bulk Mortgage Servicing Rights

The stock price of Ocwen Financial Corp (NYSE: OCN) increased by over 10% during intraday trading. This is why it happened.

OCN Stock: Over 10% Increase Intraday Explanation

WEST PALM BEACH, Fla., April 21, 2021 (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 Court's entry of final judgment in Ocwen's favor following the Consumer Financial Protection Bureau's (“CFPB” or “Bureau”) decision to drop any remaining claims under its Counts 1-9 and the entirety of its Count 10.

Ocwen Financial Comments on Court's Entry of Final Judgment in Ocwen's Favor in CFPB Matter

WEST PALM BEACH, Fla., March 29, 2021 (GLOBE NEWSWIRE) -- PHH Mortgage (“PHH” or the “Company”), a subsidiary of Ocwen Financial Corporation (NYSE: OCN) and a leading non-bank mortgage servicer and originator, today announced that Andy Peach has joined the Company as Senior Vice President, Correspondent Lending.

PHH Mortgage Names Industry Veteran Andy Peach as Head of Correspondent Lending

WEST PALM BEACH, Fla., March 10, 2021 (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 45 regional virtual borrower outreach events in 2021 for PHH Mortgage customers who have been negatively impacted by COVID-19 and are having trouble making their mortgage payments. Virtual borrower outreach events will be held in multiple locations across the country, with the next events to be held in Chicago and New York City.

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