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Ocwen Financial Corporation (OCN)

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  • PHH Mortgage Names Industry Veteran Andy Peach as Head of Correspondent Lending
    GlobeNewswire

    PHH Mortgage Names Industry Veteran Andy Peach as Head of Correspondent Lending

    WEST PALM BEACH, Fla., March 29, 2021 (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 that Andy Peach has joined the Company as Senior Vice President, Correspondent Lending. In this role, Mr. Peach will be responsible for leading PHH’s rapidly growing Correspondent Lending business and will report directly to George Henley, Ocwen’s Chief Growth Officer. The Company’s Correspondent Lending business has experienced significant growth since its launch in 2019. In the fourth quarter of 2020, the channel generated $2.6 billion in volume, a 34 percent increase from the prior quarter. The channel had nearly tripled its seller base at the end of 2020 as compared to the prior year and continues to add new correspondent sellers. Mr. Peach joins PHH from Mr. Cooper, where he was Senior Vice President, Correspondent Sales. Over his 30-year career, he has held a series of leadership positions at leading lenders, including President and Chief Executive Officer at Waterstone Mortgage, and Managing Director and Chief Production Officer at Pacific Union Financial responsible for all sales and operations for the company’s Correspondent, Wholesale, Retail and Consumer-Direct channels. Earlier, Mr. Peach held senior positions at JP Morgan Chase, Aurora Loan Services and Bank of America. He holds a Bachelor of Science degree in Finance and Marketing from the University of South Carolina. “Andy’s extensive track record of successfully driving profitable production while emphasizing exemplary customer service makes him a great addition to our Originations team,” commented Mr. Henley. “He has a wealth of experience and his hiring helps to solidify our commitment to growing our Correspondent Lending business, which is an important component of our overall growth strategy.” About Ocwen Financial Corporation Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com). Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology, such as “believe”, “expect”, “may”, or “will”, although not all forward-looking statements contain these words. Forward-looking statements in this press release relate to the Company’s plans and strategies to expand and strengthen our originations business and operations, related business development efforts, and the anticipated results of such plans and strategies. In the past, actual results have differed from those suggested by forward-looking statements and this may happen again. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially, including the risks and uncertainties detailed in Ocwen’s reports and filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2020 and its current and quarterly reports since such date. Anyone wishing to understand Ocwen’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements. FOR FURTHER INFORMATION CONTACT: Investors:Media:June CampbellDico AkseraylianT: (856) 917-3190T: (856) 917-0066E: shareholderrelations@ocwen.comE: mediarelations@ocwen.com

  • PHH Mortgage Renews Partnership With the NAACP to Help COVID-19 Impacted Homeowners Through Virtual Borrower Outreach Series
    GlobeNewswire

    PHH Mortgage Renews Partnership With the NAACP to Help COVID-19 Impacted Homeowners Through Virtual Borrower Outreach Series

    WEST PALM BEACH, Fla., March 10, 2021 (GLOBE NEWSWIRE) -- PHH Mortgage, a subsidiary of Ocwen Financial Corporation (NYSE: OCN) and a leading non-bank mortgage servicer and originator, announced the renewal of its partnership with the NAACP to host 45 regional virtual borrower outreach events in 2021 for PHH Mortgage customers who have been negatively impacted by COVID-19 and are having trouble making their mortgage payments. Virtual borrower outreach events will be held in multiple locations across the country, with the next events to be held in Chicago and New York City. The virtual events provide attendees with information regarding mortgage assistance options and feature speakers from a local HUD-certified counseling agency and PHH Mortgage. After the event, homeowners can schedule a virtual one-on-one meeting with a housing counselor and PHH Mortgage Home Retention Agent to discuss their unique situations and receive information about mortgage assistance options available to them. “PHH Mortgage remains committed to assisting struggling homeowners by creating positive outcomes for its customers, particularly those who have been financially impacted by COVID-19. Our renewed partnership with the NAACP and local housing counseling agencies is just one way we are working to help homeowners get through this difficult financial period,” said Tamara Gifford, Director of Community and External Relations at Ocwen. “The NAACP remains appreciative for the valuable partnership with PHH Mortgage and Ocwen. Our 2020 accomplishments, during these unprecedented times, provided a new platform that enabled us to conduct 40 events assisting struggling homeowners. We look forward to expanding our reach in 2021,” said Jacquelyne Ward-Richardson, Manager, Grant Services at the NAACP. PHH Mortgage has provided more than 190,000 customers with mortgage forbearance due to financial hardships related to the COVID-19 pandemic. Since the financial crisis, PHH Mortgage has helped more than 1.5 million U.S. homeowners avoid foreclosure and forgiven approximately $19 billion in mortgage debt. For a list of dates and locations of upcoming events, please go to www.ocwencares.com/events. About Ocwen Financial Corporation Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com). FOR FURTHER INFORMATION CONTACT: Dico Akseraylian T: (856) 917-0066 E: mediarelations@ocwen.com

  • Ocwen Financial Comments on Court Order Granting Ocwen’s Motion for Summary Judgment on Majority of Claims in CFPB Matter
    GlobeNewswire

    Ocwen Financial Comments on Court Order Granting Ocwen’s Motion for Summary Judgment on Majority of Claims in CFPB Matter

    WEST PALM BEACH, Fla., March 05, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, issued the following statement in response to the ruling issued on March 4, 2021 by the United States District Court for the Southern District of Florida on the Company’s motion for summary judgment in the action pending with the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). The Court granted judgment in Ocwen’s favor on 9 of the Bureau’s 10 counts regarding alleged servicing misconduct that occurred before February 26, 2017. If the CFPB seeks to pursue any claims under Counts 1-9 based on alleged servicing misconduct which occurred after February 26, 2017, the Court reserved ruling on Ocwen’s remaining grounds for summary judgment pending the CFPB’s submission of a supplemental statement identifying such claims and its evidence, if any. As to Count 10, the Court denied the Bureau’s motion for summary judgment because Ocwen credibly disputed the Bureau’s claims of misconduct as to the small subset of loans at issue for that count. “We are pleased that the district court has granted summary judgment in our favor on 9 of 10 counts at issue in the CFPB’s complaint. Throughout this litigation we have remained steadfast in our belief that the CFPB’s claims regarding Ocwen’s past servicing practices were without merit. Ocwen will continue to vigorously defend itself on the single remaining count and on any claims the Court allows to proceed concerning periods after February 26, 2017.” About Ocwen Financial Corporation Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com). Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, further developments in the CFPB litigation, our ability to deploy the proceeds of the Second Lien Notes in suitable investments at appropriate returns; uncertainty relating to the future impacts of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the GSEs), the Government National Mortgage Association (Ginnie Mae) and regulators, as well as the impacts on borrowers and the economy generally; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; increased servicing costs based on increased borrower delinquency levels or other factors; our ability to collect anticipated tax refunds, including on the timeframe expected; the future of our long-term relationship and remaining servicing agreements with New Residential Investment Corp. (NRZ); our ability to continue to improve our financial performance through cost re-engineering efforts and other actions; our ability to continue to grow our origination business and increase our origination volumes in a competitive market and uncertain interest rate environment; uncertainty related to claims, litigation, cease and desist orders and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices, including uncertainty related to past, present or future investigations, litigation, cease and desist orders and settlements with state regulators, State Attorneys General, the Securities and Exchange Commission (SEC), and the Department of Justice or the Department of Housing and Urban Development (HUD); adverse effects on our business as a result of regulatory investigations, litigation, cease and desist orders or settlements and related responses by key counterparties, including lenders, the GSEs and Ginnie Mae; our ability to comply with the terms of our settlements with regulatory agencies, as well as general regulatory requirements, and the costs of doing so; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to interpret correctly and comply with financial and other requirements of regulators, the GSEs and Ginnie Mae, as well as those set forth in our debt and other agreements; our ability to comply with our servicing agreements, including our ability to comply with our agreements with, and the requirements of, the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit ratings; as well as other risks and uncertainties detailed in Ocwen’s reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2020 and current and quarterly reports since such date. Anyone wishing to understand Ocwen’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. FOR FURTHER INFORMATION CONTACT: Investors:Media:June CampbellDico AkseraylianT: (856) 917-3190T: (856) 917-0066E: shareholderrelations@ocwen.comE: mediarelations@ocwen.com