Financial Performance - The company reported a net income of $30.1 million, or $3.91 per share basic, in Q1 2024, a significant increase from a net loss of $47.4 million in Q4 2023[229]. - Total segment revenue for the three months ended March 31, 2024 decreased by $38.2 million, or 14%, compared to the previous quarter, primarily due to a decrease in Servicing revenue[234]. - The company reported a net loss of $54.2 million before income taxes for the three months ended March 31, 2024, compared to a loss of $17.8 million in the previous quarter[304]. - Total revenue for the Servicing segment was $219.1 million for the three months ended March 31, 2024, down 16% from $260.3 million in the previous quarter[304]. - The company experienced a 35% decrease in MSR valuation adjustments, net, from $3.5 million in the previous quarter to $0.9 million[359]. Servicing and Subservicing Operations - The company serviced or subserviced 1.4 million loans with a total UPB of $302.3 billion as of March 31, 2024[219]. - In Q1 2024, the company added $23.2 billion in new volume, including $17.8 billion from new subservicing and $4.6 billion from non-bulk new servicing[220]. - The average total servicing and subservicing UPB remained flat at $291 billion during Q1 2024 compared to the previous quarter[223]. - The company expects to continue growing its servicing and subservicing portfolio through its multi-channel originations platform[258]. - The total subservicing portfolio grew to $62.5 billion, a 30% increase from $47.9 billion in the previous quarter[296]. Revenue and Expenses - Servicing and subservicing fee revenue for Q1 2024 was $204.5 million[229]. - Servicing revenue decreased by $41.2 million, largely driven by a $35.1 million decline in servicing and subservicing fees due to the derecognition of MSRs previously sold to Rithm[235]. - Total operating expenses for the three months ended March 31, 2024 were $104.4 million, a slight increase of 1% compared to the previous quarter[239]. - Compensation and benefits expense decreased by $4.2 million, or 7%, compared to the previous quarter, primarily due to lower incentive compensation[240]. - Total operating expenses increased by 2% to $19.0 million compared to $18.7 million in the previous quarter[359]. Assets and Liabilities - Total assets amounted to $13.1 billion at the end of Q1 2024[229]. - Total assets increased by $576.4 million (5%) from December 31, 2023, driven by a $351.6 million increase in loans held for sale and a $102.4 million increase in MSRs[253]. - Total liabilities rose by $546.1 million (5%) compared to December 31, 2023, with significant increases in mortgage loan financing facilities and HMBS-related borrowings[254]. - Stockholders' equity stood at $432.1 million, with a book value of $55.51 per common share[229]. - The company has approximately $1.3 billion of debt outstanding due within the next 12 months, including $793.2 million under mortgage loan warehouse facilities[388]. Market Conditions and Interest Rates - The average 30-year fixed mortgage rate decreased by 56 basis points quarter-over-quarter to 6.74%[225]. - The 10-year Treasury rate increased by 32 basis points in the first quarter of 2024, contributing to the fair value gain of $82.0 million due to rate and assumption changes[238]. - The effective average interest rate for mortgage loan financing facilities increased by 17% to 11.92% compared to the previous quarter[330]. - The fair value of the MSR portfolio is typically correlated to market interest rates, decreasing as rates fall and increasing as rates rise, impacting the overall financial performance[274]. Gains and Losses - The company experienced a $28.3 million MSR valuation gain attributable to rate and assumption changes, net of hedging[229]. - The loss on MSR valuation adjustments, net for the three months ended March 31, 2024 was $11.6 million, a decrease of $86.4 million compared to the previous quarter, largely driven by favorable interest rate changes[237]. - Fair value gains due to rate and assumption changes amounted to $82.0 million for the three months ended March 31, 2024, compared to a loss of $148.0 million in the previous quarter[236]. - The loss on MSR hedging derivatives was $53.7 million for the three months ended March 31, 2024, compared to a gain of $86.6 million in the previous quarter[236]. Corporate Strategy and Outlook - The company aims to return to sustainable profitability by acquiring complementary businesses and pursuing large transactions[227]. - The company is focused on diversifying its sources of funds and optimizing maturities to reduce funding costs[393]. - Moody's upgraded PHH's long-term corporate family ratings from "Caa1" to "B3" on April 12, 2024, reflecting progress towards sustainable profitability[405]. - The company is implementing actions to comply with new risk-based capital requirements set to take effect on December 31, 2024[384]. Tax and Compliance - Income tax expense for the three months ended March 31, 2024 decreased by $0.1 million (7%) compared to the previous quarter and by $0.2 million (11%) compared to the same period last year[250]. - The effective tax rate for the three months ended March 31, 2024 was 5.2%, compared to (3.9)% in the previous quarter, primarily due to an increase in pre-tax earnings[250]. - The company’s significant accounting policies and critical accounting estimates are detailed in its Annual Report on Form 10-K for the year ended December 31, 2023[416].

Exhibit 99.1 The Company reported GAAP net income of $30 million for the first quarter with an adjusted pre-tax income of $14 million (see "Note Regarding Non-GAAP Financial Measures" below). Glen A. Messina, Chair, President and CEO of Ocwen, said, "We reported strong results in the first quarter with growth in net income and adjusted pre-tax income quarter over quarter, driven by the strength of our balanced business and operational performance in both our servicing and originations segments. Our strategy ...

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 ...

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 ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Ocwen Financial (OCN) . This company, which is in the Zacks Financial - Mortgage & Related Services industry, shows potential for another earnings beat.When looking at the last two reports, this mortgage servicer has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 20.44%, on avera ...

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 Com ...

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 e ...

Ocwen Financial (OCN) has been beaten down lately with too much selling pressure. While the stock has lost 16.8% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator tha ...

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 Perfo ...

Ocwen Financial (OCN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Si ...