Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”)
announced today that it has completed the final phase of its loan
transfer process and transition from REALServicing to the Black
Knight LoanSphere® MSP platform (“MSP”). In total, the Company
transferred approximately one million loans to the MSP platform.
All loan transfers were executed after a significant amount of
preparation, training, rigorous pre-boarding testing and customer
communications.
In addition to the loan transfers and system conversion to MSP,
Ocwen completed the merger of its licensed legal entity, Ocwen Loan
Servicing, into PHH Mortgage Corporation. As a result of the loan
transfers and legal entity merger, Ocwen will now provide mortgage
services through two primary brands: PHH Mortgage Corporation for
forward servicing and lending, and Liberty Home Equity Solutions
for reverse lending and servicing. The Company expects to evaluate
future branding alternatives.
Glen A. Messina, President and CEO of Ocwen said, “The
successful completion of the loan transfers and legal entity
consolidation are the most important milestones in the PHH
integration. Completion of these critical activities serves
as a catalyst for continued growth and process improvement, and
enables our planned cost re-engineering for the balance of 2019 and
2020. The conversion to MSP consolidates all loans onto a single,
industry-leading servicing platform and enables us to drive future
enhancements for our customers, investors and employees. Overall, I
am pleased with our progress to date on delivering on our
objectives to strengthen and position the Company for a return to
profitability.”
Messina continued, “I am extremely proud of the team for their
focus and determination on these accomplishments. This was a true
team effort that has been executed with care and precision. I’d
also like to thank Black Knight and all of our vendors and business
partners for their support and involvement throughout all aspects
of the loan transfer process.”
About Ocwen Financial Corporation
Ocwen Financial Corporation (NYSE: OCN) is a financial services
holding company providing mortgage servicing and originations
solutions through its primary brands, PHH Mortgage Corporation (PHH
Mortgage) and Liberty Home Equity Solutions, Inc. (Liberty). 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 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 “believe”, “expect”,
“foresee”, “forecast”, “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. Our
business has been undergoing substantial change which has magnified
such uncertainties. 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, the
following: uncertainty related to our ability to successfully
integrate PHH’s business, and to realize the strategic objectives,
synergies and other benefits of the acquisition at the time
anticipated or at all, including our ability to integrate, maintain
and enhance PHH’s servicing, subservicing and other business
relationships, including its relationship with New Residential
Investment Corp. (NRZ); our ability to transition loan servicing to
the Black Knight Financial Services, Inc. LoanSphere MSP® servicing
system within the time and cost parameters anticipated and without
significant disruptions to our customers and operations;
uncertainty related to our cost re-engineering efforts and the
other actions we believe are necessary for us to improve our
financial performance; our ability to invest in MSRs or other
assets at adequate risk-adjusted returns, including our ability to
negotiate and execute purchase documentation and satisfy closing
conditions so as to consummate the acquisition of MSRs that have
been awarded to us; 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, the Consumer Financial Protection Bureau (CFPB), State
Attorneys General, the Securities and Exchange Commission (SEC),
the Department of Justice or the Department of Housing and Urban
Development (HUD) and actions brought under the False Claims Act by
private parties on behalf of the United States of America regarding
incentive and other payments made by governmental entities; adverse
effects on our business as a result of regulatory investigations,
litigation, cease and desist orders or settlements; reactions to
the announcement of such investigations, litigation, cease and
desist orders or settlements by key counterparties, including
lenders, the Federal National Mortgage Association (Fannie Mae),
the Federal Home Loan Mortgage Corporation (Freddie Mac) and the
Government National Mortgage Association (Ginnie Mae); our ability
to comply with the terms of our settlements with regulatory
agencies 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 effectively manage our regulatory and contractual compliance
obligations; our ability to interpret correctly and comply with
liquidity, net worth and other financial and other requirements of
regulators 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, Fannie Mae, Freddie Mac and Ginnie Mae and
maintain our seller/servicer and other statuses with them; the
adequacy of our financial resources, including our sources of
liquidity and ability to sell, fund and recover advances, repay
borrowings, meet our MSR or other asset investment objectives and
comply with our debt agreements, including the financial and other
covenants contained in them; our ability to timely transfer
mortgage servicing rights under our agreements with NRZ; our
ability to maintain our long-term relationship with NRZ under these
arrangements; our ability to realize anticipated future gains from
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 detailed in Ocwen’s reports and filings with the SEC,
including its annual report on Form 10-K for the year ended
December 31, 2018 and any current and quarterly reports since such
date. Anyone wishing to understand Ocwen’s business should
review its SEC filings. Ocwen’s 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: |
Hugo Arias |
Dico Akseraylian |
T: (856) 917-0108 |
T: (856) 917-0066 |
E:
hugo.arias@ocwen.com |
E: mediarelations@ocwen.com |
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