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.
George T. Henley has been appointed as Executive Vice President and Chief Growth Officer of Ocwen Financial Corporation, effective February 15, 2021. With over 25 years of mortgage industry experience, Henley will focus on the growth of the company’s originations business, enhancing customer acquisition, and expanding servicing rights client base. He succeeds Timothy J. Yanoti, who is leaving to pursue other opportunities. CEO Glen A. Messina expressed confidence in Henley’s leadership abilities to drive growth.
Ocwen Financial Corporation (NYSE: OCN) will hold a conference call on February 10, 2021, at 8:30 a.m. (ET) to discuss preliminary fourth-quarter 2020 operating results and provide a business update. Interested parties can join the call by dialing (877) 407-0792 or (201) 689-8263. A live audio webcast will also be available on their Shareholder Relations page. An investor presentation will accompany the call, accessible on their website. A replay will be available approximately two hours after the call and remain accessible for 30 days.
Ocwen Financial Corporation (NYSE: OCN) announced that its mediation with the Consumer Financial Protection Bureau (CFPB) concluded without a settlement regarding a lawsuit from 2017 related to legacy servicing activities. The company expresses disappointment but remains committed to defending its position, stating the CFPB's claims are unsubstantiated. Additionally, Ocwen increased its legal and regulatory accrual by $13.1 million in Q4 2020 to address the mediation efforts.
Ocwen Financial has entered a definitive agreement with Oaktree Capital to launch a new MSR investment vehicle, expected to facilitate approximately $80 to $100 billion in new servicing. The partnership includes a planned $250 million equity investment by Oaktree, with potential acquisition of up to 7.9% of Ocwen's stock. Ocwen expects new contracts to add $30 to $40 billion in subservicing, with projected onboarding commencing in Q1 2021. Additionally, Ocwen originated $10 billion in volume in the first two months of Q4 2020, reflecting a 32% increase over the previous quarter.
Ocwen Financial Corporation has launched a new mobile app for its mortgage customers, enhancing convenience and insight. The app is available on iOS and Android and integrates Black Knight’s Servicing Digital platform, previously utilized for PHH's customer website. With approximately 1.2 million customers, the website sees around 500,000 monthly logins. The app allows for payments, loan management, and provides updated home valuations and neighborhood data. Ocwen aims to strengthen digital relationships and improve customer experience through continuous platform enhancements.
Ocwen Financial Corporation (NYSE: OCN) reported preliminary third quarter 2020 results, marking significant improvement in profitability and originations. The company posted a net loss of $9.4 million, a reduction from $42.8 million in Q3 2019. Adjusted pre-tax income was $13.5 million, the fourth consecutive quarter of positive adjusted pre-tax income. Notably, the company resolved a regulatory matter with Florida, enhancing operational stability. Total liquidity improved to $413 million, with substantial servicing volume growth of 67%. Ocwen plans to fund up to $55 billion through a new MSR asset vehicle.
Ocwen Financial Corporation (NYSE: OCN) has resolved a lawsuit from the State of Florida concerning legacy servicing activities without admitting liability. The settlement involves a payment of $5.16 million and an additional $1 million contingent on compliance with loan modification obligations. The company maintains that its servicing practices have provided significant consumer benefits, assisting over 1.5 million homeowners and forgiving approximately $19 billion in mortgage debt. The settlement is expected to have a negligible impact on Ocwen's financial condition.
Ocwen Financial Corporation (NYSE: OCN) will hold a conference call on October 20, 2020, at 8:30 a.m. (ET) to discuss preliminary third quarter 2020 operating results and provide a business update. The earnings update will be available on the company's website. A live audio webcast and slide presentation will also be accessible, encouraging participants to register early. A replay of the call will be available on the website for 30 days. Ocwen, headquartered in West Palm Beach, Florida, serves as a non-bank mortgage servicer through PHH Mortgage and Liberty Reverse Mortgage.
Ocwen Financial Corporation (NYSE: OCN) reported approximately $2.5 billion in originations volume for August, nearly double June's figures. The total funded volume for Q3 so far is about $4.4 billion. CEO Glen A. Messina highlighted a 62% increase in quarter-to-date originations compared to last quarter and 16X compared to last year. Ocwen's annualized run-rate volume reached $30 billion. Additionally, the correspondent seller base grew by 23% in August, with expectations for further growth in originations staffing. The company's liquidity remains strong, further supporting growth.
Ocwen Financial Corporation (NYSE: OCN) has announced a reverse stock split at a ratio of one-for-15, effective August 13, 2020. This decision follows a prior approval for a one-for-25 reverse split on July 15, 2020, driven by a rise in the stock price. The split aims to consolidate shares from approximately 130 million to 8.7 million and authorize shares from 200 million to 13.3 million. The move may attract institutional investors, improve liquidity, and assist in compliance with NYSE's minimum share price requirement.