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) will hold a conference call on April 29, 2021, at 8:30 a.m. ET to discuss its preliminary first quarter 2021 operating results and provide a business update. Interested participants can access the call by dialing (877) 407-0792 or via a live audio webcast at www.ocwen.com. An investor presentation will accompany the call, available on the Shareholder Relations page. A replay of the call will be accessible on the website approximately two hours after the call concludes and will remain available for about 30 days.
Ocwen Financial Corporation announced agreements with Texas Capital Bank to enhance its Correspondent Lending business and mortgage servicing portfolio.
Ocwen plans to acquire Texas Capital Bank's Correspondent Lending division, which had a volume of approximately $2.4 billion in Q4 2020. Additionally, the company will procure mortgage servicing rights for a portfolio worth $14 billion.
These transactions, expected to close in Q2 2021, aim to help Ocwen add at least $100 billion in new servicing in 2021, significantly accelerating growth.
Ocwen Financial Corporation (NYSE: OCN) announced a favorable ruling from the Court regarding the Consumer Financial Protection Bureau (CFPB) case. The Court's final judgment supports Ocwen, closing the case after the CFPB dropped its remaining claims. Ocwen views this outcome as validation of its servicing practices. Should the CFPB appeal, Ocwen is prepared to defend its position vigorously. This legal resolution may positively impact Ocwen's operations and investor confidence.
Ocwen Financial Corporation (NYSE: OCN) recently appointed Andy Peach as Senior Vice President for Correspondent Lending at its subsidiary, PHH Mortgage. This strategic move aims to bolster PHH’s Correspondent Lending business, which has seen significant growth since its inception in 2019. In Q4 2020, this segment generated $2.6 billion in volume, marking a 34% increase from the previous quarter and nearly tripling its seller base year-over-year. Peach brings over 30 years of experience in the lending industry, enhancing the company's commitment to its growth strategy.
Ocwen Financial Corporation (NYSE: OCN) has renewed its partnership with the NAACP to host 45 virtual borrower outreach events in 2021. These events aim to assist PHH Mortgage customers affected by COVID-19, providing mortgage assistance information and opportunities for one-on-one consultation with counselors. PHH Mortgage has already supported over 190,000 customers with forbearance and has helped 1.5 million homeowners avoid foreclosure, forgiving around $19 billion in mortgage debt since the financial crisis. Upcoming event details can be found on their website.
Ocwen Financial Corporation (NYSE: OCN) announced a favorable ruling from the U.S. District Court for the Southern District of Florida regarding its litigation with the Consumer Financial Protection Bureau (CFPB). The Court granted judgment in Ocwen's favor on 9 of 10 counts related to alleged misconduct prior to February 26, 2017. While one count remains pending, the Court denied the Bureau’s summary judgment request on that claim. Ocwen expressed confidence in its defense against the remaining allegations.
Ocwen Financial Corporation has successfully closed a $400 million offering of 7.875% Senior Secured Notes due 2026 and a private placement of $199.5 million in senior secured second lien notes. This refinancing aims to improve their capital structure and increase financial flexibility. Proceeds will repay $498 million in existing debts and support growth in origination and servicing businesses. The strong investor interest reflects Ocwen's transformation and profitability improvements. The company is well-positioned for future growth.
Ocwen Financial Corporation (NYSE: OCN) has announced that its subsidiary, PHH Mortgage Corporation, priced $400 million of 7.875% Senior Secured Notes due 2026, set to close on March 4, 2021. The proceeds will be utilized to repay $498 million in existing debt, including secured loans, and will also support general corporate purposes and growth in its mortgage servicing and origination operations. The offering is exclusively for qualified institutional buyers and non-U.S. persons, not registered under the Securities Act.
Ocwen Financial Corporation (NYSE: OCN) announced plans to offer $400 million in Senior Secured Notes due 2026 through its subsidiary PHH Mortgage Corporation. The offering aims to refinance existing debt totaling $498 million, including senior unsecured notes. The proceeds will also support corporate growth initiatives. The Notes are being offered to institutional buyers and are not registered under the Securities Act. This move comes as Ocwen aims to strengthen its financial position and expand its mortgage servicing and origination capabilities.
Ocwen Financial Corporation (NYSE: OCN) has announced a $250 million debt investment agreement with Oaktree Capital Management, following a strategic review process initiated in May 2020. The investment aims to refinance existing debt and support growth in servicing and originations. Despite a net loss of $7.2 million for Q4 2020, Ocwen reported strong operational performance, achieving a significant increase in servicing volume. The company plans to present further details in a conference call on February 10, 2021.