Ocwen Financial Corporation, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. The company operates through Servicing and Originations segments. It provides commercial mortgage loan servicing, special servicing, and asset management services, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans to owners of mortgage loans and foreclosed real estate. The company also originates and purchases conventional and government-insured residential forward and reverse mortgage loans through its correspondent lending arrangements, broker relationships, and retail channels. Ocwen Financial Corporation serves primarily under the PHH Mortgage and Liberty Reverse Mortgage brands. The company was founded in 1988 and is headquartered in West Palm Beach, Florida.
IPO Year:
Exchange: NYSE
Website: ocwen.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 4/21/2022 | Neutral | BTIG Research | |
| 12/8/2021 | $50.00 → $56.00 | Buy | B. Riley Securities |
| 9/9/2021 | $50.00 | Buy | B. Riley Securities |
| 6/30/2021 | $36.00 | Buy | Jefferies |
WEST PALM BEACH, Fla., June 10, 2024 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE:ONIT) ("Onity" or the "Company"), a leading non-bank mortgage servicer and originator, today announced that it has officially started operating under its new brand name effective Monday, June 10, 2024, replacing its former name, Ocwen Financial Corporation. The Company's common stock is expected to begin trading on the New York Stock Exchange under the symbol "ONIT" at market open today. Glen A. Messina, Chair, President and CEO of Onity Group, said, "Today marks the start of a new era for our Company and signifies our transformation, growth and expansion into a balanced and diversified business. We are proud
New name and NYSE trading symbol ("ONIT") expected to be effective June 10, 2024PHH Mortgage expected to rebrand to Onity Mortgage in the fall of 2024 WEST PALM BEACH, Fla., May 28, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced that the Company has obtained the necessary approval from its shareholders to change the name of Ocwen to Onity™ Group Inc. Glen A. Messina, Chair, President and CEO of Ocwen, said, "We are very pleased that our shareholders have approved our name change to Onity Group. We look forward to this new chapter in our Company's history and to operating unde
Net income of $30 million and diluted earnings per share of $3.74; annualized return on equity of 29%Adjusted pre-tax income of $14 million, driven by servicing segment; achieved 13.8% annualized adjusted pre-tax return on equityRepurchased $47 million in PHH senior secured notes below par$23 billion in total servicing additions ($19 billion in subservicing additions)Moody's Ratings upgraded corporate family rating to B3 in April 2024 WEST PALM BEACH, Fla., May 02, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its first quarter 2024 results and provided a business update.
WEST PALM BEACH, Fla., April 24, 2024 (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 Thursday, May 2, 2024 at 8:30 a.m. (ET) to review the Company's first quarter 2024 operating results and provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 343-4849 or (203) 518-9848 approximately 10 minutes prior to the call; please reference the conference ID "Ocwen." Participants can also access the conference call through a live audio webcast available from the Shareholder Relat
Name change proposal to be submitted for approval at upcoming Annual Meeting of Shareholders New name embodies the Company's transformation into a balanced and diversified business Ocwen subsidiary PHH Mortgage expected to rebrand to Onity Mortgage later this year WEST PALM BEACH, Fla., April 03, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced plans to change its name to Onity Group Inc. The Company will submit a proposal to effect the name change at its Annual Meeting of Shareholders scheduled for May 28, 2024. Subject to shareholder approval, the Company expects to formal
WEST PALM BEACH, Fla., April 02, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced the appointment of Claudia J. Merkle to its Board of Directors ("Board"), effective April 1, 2024. "We are very pleased to welcome Claudia to the Ocwen Board," said Glen A. Messina, Chair, President and CEO of Ocwen. "Claudia is an accomplished and well-respected mortgage industry executive with deep public company experience. Her collaborative leadership style and significant industry knowledge spanning risk management and technology innovation to sales and operations, as well as emerging corporat
WEST PALM BEACH, Fla., March 11, 2024 (GLOBE NEWSWIRE) -- PHH Mortgage ("PHH" or the "Company"), a subsidiary of Ocwen Financial Corporation (NYSE:OCN) and a leading non-bank mortgage servicer and originator, today announced the Company achieved Fannie Mae's 2023 Servicer Total Achievement and Rewards™ (STAR™) Performer recognition. PHH has earned STAR Performer recognition for three consecutive years. STAR Performer recognition is reserved for top performing servicers within one or more of three STAR Performer categories: General Servicing, Solution Delivery, and Timeline Management. In 2023, PHH has received recognition in the General Servicing and Solution Delivery categories. "We're
Net loss of $64 million for 2023, driven by $89 million reduction in unrealized MSR value change due to rates and assumptions, net of hedgeAdjusted pre-tax income of $49 million for 2023, driven by strong servicing performanceAchieved GAAP operating expense reduction over $120 million, or 23%, compared to 2022Total liquidity of $242 million as of December 31, 2023, an increase of 10% over December 31, 2022 WEST PALM BEACH, Fla., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its full year and fourth quarter 2023 results and provided a busin
WEST PALM BEACH, Fla., Feb. 20, 2024 (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 Tuesday, February 27, 2024 at 8:30 a.m. (ET) to review the Company's fourth quarter and full year 2023 operating results. All interested parties are welcome to participate. You can access the conference call by dialing (888) 886-7786 or (416) 764-8658 approximately 10 minutes prior to the call. Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at www.ocwen.com under Events and Presentatio
Agreement expands existing correspondent relationship to strategic servicing partner Initial onboarding of loans completed in August 2023 WEST PALM BEACH, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- PHH Mortgage Corporation ("PHH" or the "Company"), a subsidiary of Ocwen Financial Corporation (NYSE:OCN) and a leading non-bank mortgage servicer and originator, today announced that it has entered into a mortgage subservicing agreement with Zillow Home Loans, LLC ("Zillow Home Loans"). Earlier this year, Zillow Home Loans selected PHH Mortgage to provide subservicing for its residential mortgage portfolio. Following a collaborative onboarding and integration cycle, Zillow Home Loans and PHH co
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WEST PALM BEACH, Fla., April 02, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced the appointment of Claudia J. Merkle to its Board of Directors ("Board"), effective April 1, 2024. "We are very pleased to welcome Claudia to the Ocwen Board," said Glen A. Messina, Chair, President and CEO of Ocwen. "Claudia is an accomplished and well-respected mortgage industry executive with deep public company experience. Her collaborative leadership style and significant industry knowledge spanning risk management and technology innovation to sales and operations, as well as emerging corporat
Selina Hospitality PLC ("Selina" or the "Company"), (NASDAQ:SLNA), the fast-growing lifestyle and experiential hospitality company targeting millennial and Gen Z travelers, is proud to announce the appointment of Alan Bowers as the newest independent director on its Board of Directors, effective as of March 17, 2023. In addition, as part of Selina's commitment to corporate governance, the Board has established a Finance and Capital Allocation Committee to help oversee budgeting, capital allocation and significant transactions. Catherine Dunleavy, who has stepped down as chair of, but remains a member of, the Audit Committee was appointed as chair of the new committee. The establishment of t
WEST PALM BEACH, Fla., May 18, 2022 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced the appointment of Sean O'Neil as Executive Vice President and Chief Financial Officer, effective June 13, 2022. Mr. O'Neil brings to Ocwen significant financial leadership experience in the mortgage sector, and he will be responsible for leading the Company's global finance organization. He joins Ocwen from Bayview Asset Management, LLC, where he served as the company's Chief Financial Officer since 2015. Prior to this role, he held a number of senior positions at financial institutions, including s
WEST PALM BEACH, Fla., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced the appointment of George T. Henley as Executive Vice President and Chief Growth Officer, effective February 15, 2021. Mr. Henley will become a member of the Company’s executive leadership team and report to Glen A. Messina, President and Chief Executive Officer of Ocwen. In this role, Mr. Henley will be responsible for the growth and development of the Company’s originations business and operations. This includes customer acquisition and retention in forward and reverse mortgages; enterprise sales
BTIG Research initiated coverage of Ocwen Fincl with a rating of Neutral
B. Riley Securities reiterated coverage of Ocwen Finl with a rating of Buy and set a new price target of $56.00 from $50.00 previously
B. Riley Securities initiated coverage of Ocwen Finl with a rating of Buy and set a new price target of $50.00
Jefferies initiated coverage of Ocwen Finl with a rating of Buy and set a new price target of $36.00
Net income of $30 million and diluted earnings per share of $3.74; annualized return on equity of 29%Adjusted pre-tax income of $14 million, driven by servicing segment; achieved 13.8% annualized adjusted pre-tax return on equityRepurchased $47 million in PHH senior secured notes below par$23 billion in total servicing additions ($19 billion in subservicing additions)Moody's Ratings upgraded corporate family rating to B3 in April 2024 WEST PALM BEACH, Fla., May 02, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its first quarter 2024 results and provided a business update.
WEST PALM BEACH, Fla., April 24, 2024 (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 Thursday, May 2, 2024 at 8:30 a.m. (ET) to review the Company's first quarter 2024 operating results and provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 343-4849 or (203) 518-9848 approximately 10 minutes prior to the call; please reference the conference ID "Ocwen." Participants can also access the conference call through a live audio webcast available from the Shareholder Relat
Net loss of $64 million for 2023, driven by $89 million reduction in unrealized MSR value change due to rates and assumptions, net of hedgeAdjusted pre-tax income of $49 million for 2023, driven by strong servicing performanceAchieved GAAP operating expense reduction over $120 million, or 23%, compared to 2022Total liquidity of $242 million as of December 31, 2023, an increase of 10% over December 31, 2022 WEST PALM BEACH, Fla., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its full year and fourth quarter 2023 results and provided a busin
WEST PALM BEACH, Fla., Feb. 20, 2024 (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 Tuesday, February 27, 2024 at 8:30 a.m. (ET) to review the Company's fourth quarter and full year 2023 operating results. All interested parties are welcome to participate. You can access the conference call by dialing (888) 886-7786 or (416) 764-8658 approximately 10 minutes prior to the call. Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at www.ocwen.com under Events and Presentatio
Net income of $8 million and earnings per share of $1.10; annualized return on equity of 8%Adjusted pre-tax income of $10 million, driven by servicing segment; achieved 9% annualized adjusted pre-tax return on equityTotal servicing UPB of $296 billion and total subservicing UPB of $167 billion, up 2% and 6%, respectively, compared to Q2'23Repurchased $14 million in PHH senior secured notes below par WEST PALM BEACH, Fla., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its third quarter 2023 results and provided a business update.
WEST PALM BEACH, Fla., Nov. 01, 2023 (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 Tuesday, November 7, 2023 at 8:30 a.m. (ET) to review the Company's third quarter 2023 operating results and provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (888) 886-7786 or (416) 764-8658 approximately 10 minutes prior to the call. Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at www.ocwen.com under Events a
Net income of $15 million, an improvement of $56 million from Q1'23Adjusted pre-tax income of $23 million, up $17 million over Q1'23Total liquidity of $233 million as of June 30, 2023, an increase of 6% over December 31, 2022Favorable ruling in legacy CFPB matter stands; case remains closed WEST PALM BEACH, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its second quarter 2023 results and provided a business update. The Company reported GAAP net income of $15 million for the second quarter, an improvement of $56 million compared to the first quarter of 2023. Ne
WEST PALM BEACH, Fla., July 27, 2023 (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 Thursday, August 3, 2023 at 8:30 a.m. (ET) to review the Company's second quarter 2023 operating results and provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 830-9649 or (213) 992-4624 approximately 10 minutes prior to the call. Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at www.ocwen.com under Events a
Net loss of $40 million, driven by a $39 million reduction in unrealized MSR fair value due to lower interest ratesAdjusted pre-tax income of $6 million, driven by strong servicing performanceAchieved an annualized cost reduction of more than $100 million versus Q2'22 baselineTotal liquidity of $233 million as of March 31, 2023, an increase of 7% over December 31, 2022 WEST PALM BEACH, Fla., May 04, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced its first quarter 2023 results and provided a business update. The Company reported GAAP net loss of $40 million for the first qua
WEST PALM BEACH, Fla., April 26, 2023 (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 Thursday, May 4, 2023 at 8:30 a.m. (ET) to review the Company's first quarter 2023 operating results and provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (855) 327-6837 or (631) 891-4304 approximately 10 minutes prior to the call. Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at www.ocwen.com under Events and
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