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 ...

Financial Data and Key Metrics Changes - Full year operating costs decreased by 19% compared to the previous year, enhancing cost competitiveness as the company enters 2024 [2] - Year-end liquidity reached $242 million, an increase from both the third quarter and the prior year, supporting a higher hedge coverage ratio and seasonal disbursements [2] - The company reported a GAAP net income loss of $47 million in the fourth quarter, down from a positive $8 million in the prior quarter, primarily due to interest rate impacts on MSR [29] - Adjusted pretax income for the fourth quarter was $11 million, showing improvement from the previous quarter and year-over-year [29][48] - Full year adjusted pretax income totaled $49 million, reflecting a strong year and bringing adjusted ROE back to low double digits at 10.1% [48] Business Line Data and Key Metrics Changes - Origination volume decreased by approximately 27%, compared to a 32% decline in total industry origination volumes, indicating a competitive market [4] - The servicing segment continued to grow average servicing UPB in the fourth quarter, with commitments for subservicing boarding approximately 1.5 times total additions in 2023 [16] - The reverse servicing segment maintained profitability but saw a slight decline quarter-over-quarter due to decreasing portfolio balances [54] Market Data and Key Metrics Changes - Industry volume is projected to remain low in the first quarter of 2024, with expectations of a rebound during the spring and summer homebuying season [17] - Third-party estimates suggest total industry originations could reach $2 trillion for the full year, driven by declining interest rates in the second half of 2024 [17] Company Strategy and Development Direction - The company is focused on disciplined MSR investing and capital-light growth to reduce capital demands, with a target of $69 billion in subservicing additions for 2024 [23] - The strategy emphasizes a balanced business model to navigate interest rate fluctuations, with a commitment to improving return on equity and capital ratios [19][22] - The company aims to leverage its servicing capabilities and technology investments to enhance customer experience and operational efficiency [36][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for 2024, highlighting a strong pipeline of subservicing commitments and expanded MSR capital partner relationships [58] - The company anticipates that a lower interest rate environment will benefit its origination platform, which is expected to grow volume and earnings [13][20] - Management acknowledged the challenges posed by high hedge costs and interest rate volatility but remains committed to improving financial performance and mitigating risks [39][47] Other Important Information - The company has executed a repurchase plan to retire debt but faced challenges in executing due to market conditions [6] - The company has increased its hedge coverage ratio target to 100% to protect book value against anticipated rate declines in 2024 [38] Q&A Session Summary Question: Can you discuss the implications of increased competition in the reverse mortgage market? - Management noted that the reverse mortgage product has historically suffered from limited distribution, but they expect to benefit from increased awareness and participation in the market [89] Question: What interest rate environment is embedded in the 2024 guidance? - The company forecasts volumes based on a flat non-flexing interest rate view, indicating that declines in rates could positively impact origination activity [106] Question: How dilutive were MSR advances to earnings last quarter and last year? - Management acknowledged the significant impact of servicing advances on earnings, with ongoing efforts to reduce this burden through improved performance and efficiency [102] Question: How does the 100% hedge ratio affect escrow income? - Management confirmed that the hedge coverage includes all components of MSR fair value change, which helps mitigate risks associated with interest rate fluctuations [103] Question: What is the strategy regarding debt repurchases and refinancing? - The company is focused on opportunistically repurchasing debt as liquidity permits, with a goal to improve leverage ratios and facilitate future refinancing [138]

Ocwen Financial (OCN) came out with quarterly earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to loss of $3.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 32.11%. A quarter ago, it was expected that this mortgage servicer would post earnings of $1.14 per share when it actually produced earnings of $1.24, delivering a surprise of 8.77%.Over the last four quarters, the comp ...

Exhibit 99.1 Ocwen Financial Corporation OCWEN FINANCIAL ANNOUNCES FULL YEAR AND FOURTH QUARTER 2023 RESULTS West Palm Beach, FL – (February 27, 2024) – 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 business update. The Company reported GAAP net loss of $47 million for the fourth quarter with an adjusted pre-tax income of $11 million (see "Note Regarding Non ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ____________________ to ____________________ Commission File No. 1-13219 OCWEN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | Florida | 65-00 ...

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 pri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ____________________ to ____________________ Commission File No. 1-13219 OCWEN FINANCIAL CORPORATION (State or other jurisdiction of incorporation or org ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ____________________ to ____________________ Commission File No. 1-13219 OCWEN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Fl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ____________________ to ____________________ Commission File No. 1-13219 OCWEN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) ( ...