Welcome to our dedicated page for Ocwen Financial Corporation news (Ticker: OCN), a resource for investors and traders seeking the latest updates and insights on Ocwen Financial Corporation stock.
The OCN news page on Stock Titan provides an archive of announcements and disclosures related to Ocwen Financial Corporation, a non-bank mortgage servicer and originator that later rebranded as Onity Group Inc. and began trading on the NYSE under the symbol ONIT. These news items offer context on how the company described its mortgage servicing, subservicing and originations activities, as well as its strategic evolution and branding decisions.
News releases for OCN include company statements on financial results, business updates and strategic plans. Examples from the period before the name change highlight Ocwen’s focus on servicing performance, mortgage servicing rights management, originations activity, and its positioning as a non-bank mortgage servicer and originator operating through PHH Mortgage and Liberty Reverse Mortgage. Other announcements describe the intention to rebrand as Onity Group Inc., the shareholder approval of the name change, and the effective date for trading under the ONIT ticker.
After the rebranding, news under the Onity name continues to reference the same underlying business, including its role as a non-bank mortgage servicer and originator and its global operations footprint. For users analyzing historical developments, this page helps connect earlier Ocwen-branded communications with later Onity-branded updates that reference the same corporate entity.
Investors and researchers can use this OCN news archive to review how the company presented its mortgage servicing and originations strategy over time, how it described its transformation into a balanced and diversified mortgage company, and how the transition from OCN to ONIT was communicated. Bookmark this page as a starting point for historical news and then follow the ONIT symbol for ongoing announcements from Onity Group Inc.
Ocwen Financial Corporation (NYSE: OCN) has reported a significant increase in its Correspondent Lending business, showing a 240% rise in origination volume to $10.5 billion during the first nine months of 2021. The annualized volume run-rate reached $21.6 billion in Q3, supported by a growth in its seller base to 700. The company completed the acquisition of Texas Capital Bank’s Correspondent Lending unit, enhancing its capabilities and personnel. New executives have been added to bolster sales operations as Ocwen anticipates setting a new record for origination volume this year.
Ocwen Financial Corporation (NYSE: OCN) announced the completion of its acquisition of RMS's reverse mortgage servicing platform and the equity interests in REO Management Solutions. This strategic move, valued at approximately $12.4 million, significantly expands PHH Mortgage's portfolio to include around 57,000 reverse mortgages totaling $14.3 billion in unpaid principal balance (UPB). PHH will also begin servicing its own portfolio of 34,000 reverse mortgages, estimated at $6.7 billion UPB. This acquisition is expected to enhance Ocwen's capabilities and growth in the reverse mortgage sector.
Ocwen Financial Corporation (NYSE: OCN) reported a net loss of $10.3 million and a pre-tax loss of $22.2 million for Q2 2021, compared to a net income of $1.9 million in Q2 2020. Despite this, adjusted pre-tax income stood at $5.8 million, marking the seventh consecutive quarter of positive adjusted pre-tax income. The company successfully closed $51 billion in bulk MSRs and announced an agreement to acquire the Reverse Mortgage Solutions servicing platform, further enhancing its position in the reverse mortgage market. Additionally, Ocwen maintained about $244 million in liquidity as of June 30, 2021.
Ocwen Financial Corporation (NYSE: OCN) announced a conference call on August 5, 2021, at 8:30 a.m. (ET) to discuss its Q2 2021 operating results and provide a business update. Interested participants can join the call by dialing (877) 344-8082 or (213) 992-4618. A live audio webcast will also be available on their Shareholder Relations page. An investor presentation will accompany the call, and a replay will be accessible for 30 days post-call. Ocwen is a prominent non-bank mortgage servicer and originator known for its brands, PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation (NYSE: OCN) announced its inclusion in the Russell 2000® and Russell 3000® Indexes, effective June 28, 2021. This milestone reflects the company's efforts to enhance shareholder value through operational improvements and strategic growth initiatives. Recent accomplishments include refinancing corporate debt maturing after 2025, establishing a joint venture for mortgage servicing rights with Oaktree Capital, and acquiring significant mortgage servicing rights from Texas Capital Bank and AmeriHome Mortgage. The company aims to increase visibility and attract investment through this index membership.
Ocwen Financial Corporation (NYSE: OCN) announced an agreement to acquire substantial operations and assets of Reverse Mortgage Solutions, Inc. (RMS) through its subsidiary, PHH Mortgage Corporation. This acquisition includes approximately 35,000 reverse mortgages valued at $7.8 billion in unpaid principal balance, with a purchase price of around $12.4 million. The transaction is anticipated to close in Q3 2021, pending regulatory approvals. Ocwen expects this acquisition to double its reverse servicing portfolio and enhance its technology capabilities.
Ocwen Financial Corporation (NYSE: OCN) has partnered with HomeFree-USA to create employment opportunities for graduates of its Center for Financial Advancement program at historically black colleges and universities (HBCUs). The initiative aims to enhance diversity in corporate America while providing financial literacy to HBCU students. The recruitment process for eligible graduates is expected to launch later this year. This collaboration underscores Ocwen's commitment to diversity and inclusion as well as its long-standing efforts to bridge the Black homeownership gap.
Ocwen Financial Corporation (NYSE: OCN) announced that its subsidiary, PHH Mortgage Corporation, has agreed to purchase mortgage servicing rights (MSRs) from AmeriHome Mortgage Company, totaling an unpaid principal balance of approximately $48 billion. This acquisition is set to increase PHH's servicing portfolio by roughly 16% and is expected to close by late Q2 2021, pending regulatory approvals. This deal aligns with Ocwen's goal to add up to $150 billion in new servicing this year, enhancing its market position as a leading non-bank mortgage servicer.
Ocwen Financial Corporation (NYSE: OCN) announced its joint venture with Oaktree Capital Management, launching MSR Asset Vehicle LLC (MAV) effective May 3, 2021. The partnership will see both companies invest up to $250 million to acquire mortgage servicing rights (MSRs) from Fannie Mae and Freddie Mac, with Ocwen holding a 15% stake. PHH Mortgage, a subsidiary of Ocwen, will provide essential services to MAV, potentially adding $60 billion of subservicing. Additionally, Oaktree acquired 4.9% of Ocwen's stock and $85.5 million in secured notes were issued to Oaktree, raising approximately $75 million for the company.
Ocwen Financial Corporation (NYSE: OCN) reported a strong financial performance for Q1 2021 with a net income of $8.5 million and pre-tax income of $11.6 million, marking a recovery from a net loss of $25.5 million in Q1 2020. The company is experiencing improved profitability and growth, raising its servicing target to $150 billion. Key highlights include a favorable $20.5 million MSR valuation adjustment and successful corporate debt refinancing. As of March 31, 2021, Ocwen has $276 million of unrestricted cash and credit. A conference call is scheduled for April 29, 2021, to discuss these results.