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

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

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.

WEST PALM BEACH, Fla., March 05, 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 ruling issued on March 4, 2021 by the United States District Court for the Southern District of Florida on the Company's motion for summary judgment in the action pending with the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). The Court granted judgment in Ocwen's favor on 9 of the Bureau's 10 counts regarding alleged servicing misconduct that occurred before February 26, 2017. If the CFPB seeks to pursue any claims under Counts 1-9 based on alleged servicing misconduct which occurred after February 26, 2017, the Court reserved ruling on Ocwen's remaining grounds for summary judgment pending the CFPB's submission of a supplemental statement identifying such claims and its evidence, if any. As to Count 10, the Court denied the Bureau's motion for summary judgment because Ocwen credibly disputed the Bureau's claims of misconduct as to the small subset of loans at issue for that count.

Ocwen Financial Comments on Court Order Granting Ocwen's Motion for Summary Judgment on Majority of Claims in CFPB Matter

Enhances Capital Structure and Increases Financial Flexibility to Support Continued Growth and Investment in the Company Enhances Capital Structure and Increases Financial Flexibility to Support Continued Growth and Investment in the Company

Ocwen Financial Announces Closing of $400 Million Offering of PHH Mortgage Corporation Senior Secured Notes Due 2026

WEST PALM BEACH, Fla., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Mortgage Corporation (“PMC”) priced $400 million aggregate principal amount of 7.875% Senior Secured Notes due 2026 (the “Notes”) at a price to investors of 99.486% of the principal amount thereof. The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation, the parent company of PMC and subsidiary of the Company (“PHH”).

Ocwen Financial Announces Pricing of $400 Million of Senior Secured Notes Due 2026 by PHH Mortgage Corporation

WEST PALM BEACH, Fla., Feb. 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 subsidiary PHH Mortgage Corporation (“PMC”) plans to offer, subject to market and other conditions, $400 million aggregate principal amount of Senior Secured Notes due 2026 (the “Notes”). The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation (“PHH”), the parent company of PMC and subsidiary of the Company.

Ocwen Financial Announces Proposed Offering of $400 Million of Senior Secured Notes Due 2026 by PHH Mortgage Corporation

Ocwen Financial Corporation (OCN) CEO Glen Messina on Q4 2020 Results - Earnings Call Transcript

Executed agreement with Oaktree follows rigorous strategic review process

Ocwen Financial Announces Agreement With Oaktree for Additional $250 Million Investment and Preliminary Fourth Quarter Results

Henley brings more than 25 years of mortgage industry experience and strong originations growth track record to Ocwen Henley brings more than 25 years of mortgage industry experience and strong originations growth track record to Ocwen

Ocwen Financial Names George Henley Executive Vice President and Chief Growth Officer

WEST PALM BEACH, Fla., Feb. 04, 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 Wednesday, February 10, 2021 at 8:30 a.m. (ET) to review the Company's preliminary fourth quarter 2020 operating results and provide a business update.

Ocwen Financial Schedules Conference Call – Preliminary Fourth Quarter 2020 Results and Business Update

WEST PALM BEACH, Fla., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Corporation (“PHH”) has given notice of its intention to redeem on March 4, 2021 (the “Redemption Date”) all of its outstanding 6.375% Senior Notes due 2021 (the “2021 Notes”) and also that its subsidiary PHH Mortgage Corporation (“PMC” and together with PHH, the “Issuers” and each, an “Issuer”) has given notice of its intention to redeem on the Redemption Date all of its outstanding 8.375% Senior Secured Second Lien Notes due 2022 (the “2022 Notes”).

Ocwen Financial Announces Conditional Redemption of 6.375% Senior Notes Due 2021 and 8.375% Senior Secured Second Lien Notes Due 2022

Leon Cooperman (Trades, Portfolio), founder of Omega Advisors, has revealed a reduction in his Ocwen Financial Corp. (NYSE:OCN) position according to GuruFocus' Real-Time Picks, a Premium feature.

Leon Cooperman Leans Out Ocwen Financial Holding

WEST PALM BEACH, Fla., Jan. 06, 2021 (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 the mediator's notice that the Company's court-ordered mediation with the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) had concluded. The parties were unable to reach a settlement related to the lawsuit filed by the CFPB in 2017 against the Company regarding certain legacy servicing activities.

Ocwen Financial Comments on Conclusion of Mediation With the Consumer Financial Protection Bureau

Enters into definitive agreement with Oaktree to launch MSR investment vehicle; expected to add approximately $50 to $60 billion of subservicing

Ocwen Financial Accelerates Growth Trajectory With Strategic Relationship With Oaktree and New Servicing Contracts

Enhancement to Servicing Platform Delivers Convenience and Insight for Customers Enhancement to Servicing Platform Delivers Convenience and Insight for Customers

PHH Mortgage Launches New Customer Mobile App

Ocwen Financial Corporation (OCN) CEO Glen Messina on Q3 2020 Results - Earnings Call Transcript

WEST PALM BEACH, Fla., Oct. 15, 2020 (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 conjunction with the resolution of the lawsuit filed in 2017 against the Company by the State of Florida Office of the Attorney General and State of Florida Office of Financial Regulation regarding certain legacy servicing activities.

Ocwen Financial Corporation Comments on Settlement With State of Florida Office of the Attorney General and Office of Financial Regulation

WEST PALM BEACH, Fla., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”) will hold a conference call on Tuesday, October 20, 2020 at 8:30 a.m. (ET) to review the Company’s preliminary third quarter 2020 operating results and provide a business update. This event will follow Ocwen’s preliminary third quarter 2020 earnings and business update press release. The release will be available on the Ocwen Financial Corporation website at www.ocwen.com (through a link on the Shareholder Relations page).

Ocwen Financial Schedules Conference Call – Preliminary Third Quarter 2020 Results and Business Update

$2.5 billion in originations volume in August, nearly double June volume

Ocwen Financial Delivers Strong Originations Results in July and August

WEST PALM BEACH, Fla., Aug.  03, 2020  (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its Board of Directors approved a reverse stock split of authorized and outstanding shares of the Company’s common stock at a ratio of one-for-15.

Ocwen Financial Announces Reverse Stock Split

WEST PALM BEACH, Fla., July  23, 2020  (GLOBE NEWSWIRE) --  PHH Mortgage , a subsidiary of  Ocwen Financial Corporation  (NYSE: OCN) and a leading non-bank mortgage servicer and originator, announced an expanded partnership with the  NAACP  to host more than 30 regional virtual borrower outreach events for PHH Mortgage customers who have been negatively impacted by COVID-19 and are having trouble making their mortgage payments. Virtual borrower outreach events have been held in New York, Maryland, Central Florida, Tennessee and Ohio, and the next three events will be held in Pennsylvania, Washington, D.C. and Illinois.

PHH Mortgage Expands Partnership With the NAACP to Help COVID-19 Impacted Homeowners Through Virtual Borrower Outreach Series

Preliminary second quarter results demonstrate continued momentum in operating and financial performance

Ocwen Financial Provides Business Update and Preliminary Second Quarter Results

WEST PALM BEACH, Fla., July  13, 2020  (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”) will hold a conference call on Friday, July 17, 2020 at 8:30 a.m. (ET) to review the Company’s preliminary second quarter 2020 operating results and provide a business update. This event will follow Ocwen’s preliminary second quarter 2020 earnings and business update press release. The release will be available on the Ocwen Financial Corporation website at  www.ocwen.com  (through a link on the Shareholder Relations page).

Ocwen Financial Schedules Conference Call – Preliminary Second Quarter 2020 Results and Business Update

Ocwen Financial Corporation (OCN) CEO Glen Messina on Q1 2020 Results - Earnings Call Transcript

Shares of Ocwen Financial (NYSE:OCN) rose 5% in pre-market trading after the company reported Q1 results.

Recap: Ocwen Financial Q1 Earnings

WEST PALM BEACH, Fla., April  13, 2020  (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that the New York Stock Exchange (“NYSE”) has notified the Company that the average per share trading price of its common stock was below the NYSE’s minimum average share price rule. The NYSE requires the average closing price of a listed company’s stock to be at least $1.00 per share over a consecutive 30 trading-day period. Receipt of the NYSE notification does not conflict with or cause an event of default under any of the Company’s material debt agreements.

Ocwen Financial Responds to Notice of Non-Compliance with NYSE Trading Share Price Continued Listing Standard Rule

Ocwen Financial Corp., a non-bank mortgage serviceds and originator, said Friday it can no longer affirm its financial guidance given the uncertainty created by the coronavirus pandemic.

News for Ocwen Financial Stock (OCN)