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) ( ...

Ocwen Financial Corporation (NYSE:OCN) Q4 2022 Earnings Conference Call February 28, 2023 8:30 AM ET Company Participants Dico Akseraylian – Senior Vice President-Corporate Communications Glen Messina – Chief Executive Officer Sean O’Neil – Chief Financial Officer Conference Call Participants Bose George – KBW Lee Cooperman – Omega Family Office Kyle Joseph – Jefferies Matthew Howlett – B. Riley Eric Hagen – BTIG Operator Greetings, and welcome to the Ocwen Financial Corporation Fourth Quarter Earnings and ...

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, 2022 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 ...