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) subsidiary, PHH Mortgage, has expanded its partnership with the NAACP to host over 30 virtual borrower outreach events for customers struggling with mortgage payments due to COVID-19. Events will provide mortgage assistance information and allow participants to schedule one-on-one meetings with housing counselors. Since March 2020, PHH Mortgage has assisted over 130,000 borrowers with mortgage forbearance and completed more than 800,000 loan modifications in the last 12 years.
Ocwen Financial Corporation (NYSE: OCN) reported preliminary second-quarter 2020 results showing a net income of $2.0 million, contrasting sharply with a net loss of $89.7 million in the same period last year. The adjusted pre-tax income stood at $18 million, a significant turnaround from the $27 million loss previously. Originations surged 75% from the prior quarter, reaching $4.0 billion. The company’s cash reserves improved to $314 million, up from $264 million. A reverse stock split of 1:25 is planned for early August 2020 following shareholder approval.
Ocwen Financial Corporation (NYSE: OCN) is set to hold a conference call on July 17, 2020, at 8:30 a.m. (ET) to discuss its preliminary second quarter 2020 operating results. The company will also provide a business update during this call. A live audio webcast and slide presentation will be accessible on Ocwen's website for those interested. The conference call replay will be available approximately two hours post-call for 30 days. Ocwen operates primarily through its brands PHH Mortgage and Liberty Reverse Mortgage, with a focus on mortgage servicing and lending solutions.
Ocwen Financial Corporation (NYSE: OCN) reported a net loss of $25.5 million for Q1 2020, improving from a loss of $44.5 million in Q1 2019. The pre-tax loss reached $87.3 million, influenced by a $78 million impact from rising interest rates. Despite these challenges, the company maintains $429.9 million in total stockholders' equity and a book value per share of $3.32. Ocwen's liquidity remains stable with $263.6 million in cash and an anticipated origination of $25 billion in new servicing additions. The pandemic resulted in 114,600 active forbearance plans, impacting 8.5% of total loans.
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