Financial Performance - Full-year 2024 net income attributable to common stockholders reached $33 million, the highest since 2013, with diluted EPS of $4.13 and ROE of 8%[5] - Reported net income for FY'24 was $34 million, a significant improvement from a net loss of $64 million in FY'23[19] - Adjusted pre-tax income for FY'24 increased to $90 million, compared to $49 million in FY'23[21] - Total revenue for FY'24 was $976 million, down from $1,066.7 million in FY'23, primarily due to a decrease in servicing and subservicing fees[23] - Adjusted return on equity (ROE) for FY'24 was 20%, compared to 10% in FY'23[21] Servicing and Originations - Total servicing additions for 2024 amounted to $86 billion, including $47 billion in subservicing additions[5] - Funded recapture volume for full-year 2024 increased 2.5 times compared to 2023, with fourth quarter 2024 up 4.2 times over fourth quarter 2023[9] - Originations volume for 2024 was $30 billion, a 33% increase compared to 2023, with fourth quarter volume at $10 billion, up 72% year-over-year[9] - Total servicing UPB reached $302 billion at December 31, 2024, an increase of $13 billion from the previous year[9] Balance Sheet and Assets - Book value per share improved by $4 year-over-year to $56 as of December 31, 2024[5] - Corporate debt was reduced by $145 million, resulting in a debt-to-equity ratio of 2.96 to 1[5] - Total assets increased to $16,435.4 million in FY'24, up from $12,513.7 million in FY'23[22] - Mortgage servicing rights (MSRs) at fair value rose to $2,466.3 million in FY'24 from $2,272.2 million in FY'23[22] Operating Expenses and Cash Flow - Operating expenses for FY'24 totaled $436.5 million, an increase from $412.1 million in FY'23[23] - Cash and cash equivalents decreased to $184.8 million in FY'24 from $201.6 million in FY'23[22] - The company recognized significant legal and regulatory settlement expenses of $8 million in FY'24, compared to $21 million in FY'23[19] Future Guidance and Recognition - The adjusted ROE guidance for 2025 has been increased to 16% - 18%[4] - The company achieved HUD Tier 1 servicer rating for the fourth consecutive year and was recognized by the 2024 Freddie Mac SHARP program for subservicing[9] - The company reported a gain on the sale of MAV canopy amounting to $14 million in FY'24[19]

Full-Year 2024 Results - Onity Group reported a net income of $33 million, the highest since 2013, with a diluted EPS of $4.13 and an ROE of 8% [7] - Adjusted pre-tax income reached $90 million, resulting in an adjusted ROE of 20% [7] - Total servicing additions amounted to $86 billion, with $47 billion in subservicing additions [7] - Book value per share improved by $4 year-over-year to $56 as of December 31, 2024 [7] - Corporate debt was reduced by $145 million, leading to a debt-to-equity ratio of 2.96 to 1 [7] Fourth Quarter 2024 Results - The company reported a net loss attributable to common stockholders of $29 million, with a diluted EPS of ($3.63) and an ROE of (25%) [7] - Adjusted pre-tax income for the fourth quarter was $11 million, resulting in an annualized adjusted ROE of 10% [7] - Total servicing additions for the quarter were $25 billion, with $8 billion in subservicing additions [7] Business Highlights - Funded recapture volume for full-year 2024 increased 2.5 times compared to 2023, with a fourth quarter increase of 4.2 times over the same quarter in 2023 [8] - Originations volume reached $30 billion in 2024, up 33% from 2023, with $10 billion in the fourth quarter, a 72% increase year-over-year [8] - Total servicing UPB was $302 billion as of December 31, 2024, an increase of $13 billion from the previous year [8] - The company maintained total liquidity of $248 million as of December 31, 2024 [8] 2025 Outlook - The CEO expressed confidence in the company's strategy and capabilities, indicating a strong position to accelerate growth and improve returns in 2025 and beyond [4] - Adjusted ROE guidance was increased to a range of 16% - 18% [7]

Company Overview - Onity Group (ONIT) is expected to report earnings for the quarter ended December 2024, with a consensus estimate of $2.34 per share, reflecting a year-over-year increase of +62.5% [3] - Revenues are anticipated to be $253.37 million, which represents a decline of 8.6% compared to the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised 9.91% higher in the last 30 days, indicating a positive reassessment by analysts [4] - The Most Accurate Estimate for Onity matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [10][11] Historical Performance - In the last reported quarter, Onity exceeded the expected earnings of $1.60 per share by delivering $4.33, resulting in a surprise of +170.63% [12] - Over the past four quarters, Onity has consistently beaten consensus EPS estimates [13] Market Sentiment - The stock's movement may be influenced by the upcoming earnings report scheduled for February 13, with potential for upward movement if results exceed expectations [2] - Despite the positive historical performance, Onity does not currently appear to be a compelling earnings-beat candidate, as indicated by its Zacks Rank of 3 [11][16] Industry Context - In the broader context of the Zacks Financial - Mortgage & Related Services industry, Zillow Group (ZG) is expected to report earnings of $0.29 per share, reflecting a year-over-year increase of +45% [17] - Zillow's revenue is projected to be $540.64 million, up 14.1% from the previous year, with a positive Earnings ESP of 15.52% and a Zacks Rank of 2 (Buy), indicating a strong likelihood of beating consensus estimates [18]

WEST PALM BEACH, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Thursday, February 13, 2025 at 8:30 a.m. (ET) to review the Company’s fourth quarter and full-year 2024 operating results. All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Pa ...

Core Insights - PHH Mortgage has launched an AI assistant named LASI to enhance client experience on its LoanSpan platform [1][2] - LASI aims to simplify data access and provide personalized responses to client queries [2] - The introduction of LASI reflects PHH's commitment to leveraging technology for improved client services [2] Company Overview - Onity Group Inc. is a leading non-bank financial services company, providing mortgage servicing and origination solutions through its brands, including PHH Mortgage and Liberty Reverse Mortgage [3] - PHH Mortgage is one of the largest servicers in the U.S., offering various servicing and lending programs [3] - The company has been operational since 1988 and has a global presence with offices in the U.S., U.S. Virgin Islands, India, and the Philippines [3] Product Features - LASI can retrieve answers from numerous documents, including policies, user manuals, and client communications [5] - The AI assistant understands unstructured questions and provides detailed responses, eliminating the need for manual searches [5] - LASI includes security measures to protect sensitive information and can escalate queries to PHH's Client Relations team [5] Platform Enhancements - LoanSpan underwent a comprehensive upgrade in 2023 to improve user interface and add self-service tools [2] - The platform serves as a "one-stop shop" for clients, offering insights into loan and customer data [2]

Company Overview - Onity Group (ONIT) shares increased by 5.2% to close at $32.17, supported by higher trading volume compared to normal sessions, following a 9.3% loss over the past four weeks [1] - The stock has rallied for two consecutive trading sessions, driven by optimism regarding a potential Federal Reserve rate cut due to cooler December inflation [2] Financial Performance - Onity is expected to report quarterly earnings of $2.34 per share, reflecting a year-over-year increase of 62.5%, while revenues are projected to be $253.07 million, down 8.7% from the previous year [3] - The consensus EPS estimate for Onity has been revised 2.8% higher in the last 30 days, indicating a positive trend that may lead to price appreciation [4] Industry Context - Onity operates within the Zacks Financial - Mortgage & Related Services industry, where another company, Essent Group (ESNT), saw a 1.9% increase in its stock price, closing at $57.66, with a 3.6% return over the past month [4] - Essent Group's consensus EPS estimate remains unchanged at $1.67, representing a 1.8% increase from the previous year, and it currently holds a Zacks Rank of 4 (Sell) [5]

WEST PALM BEACH, Fla., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that Valerie Haertel has joined the Company as Vice President, Investor Relations. Ms. Haertel will report to Sean O’Neil, Executive Vice President and Chief Financial Officer of Onity. Ms. Haertel is responsible for leading Onity’s investor relations activities to accelerate investor outreach and to communicate the Company’s ...

WEST PALM BEACH, Fla., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it has completed the previously announced transaction with funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to sell the Company’s 15% interest in MSR Asset Vehicle LLC (“MAV”) to Oaktree for total cash proceeds of $49.5 million. Onity’s subsidiary, PHH Mortgage Corporation, will remain the exclusive subservic ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth po ...

For Immediate ReleaseChicago, IL – November 14, 2024 – Today, Zacks Equity Research PennyMac Financial Services, Inc. (PFSI) , Lending Tree, Inc. (TREE) and Onity Group Inc. (ONIT) .Industry: MortgageLink: https://www.zacks.com/commentary/2369478/3-stocks-to-buy-from-prospering-mortgage-related-services-industryAs the Federal Reserve keeps lowering interest rates, the Zacks Mortgage & Related Services industry will benefit from the improving trends of purchase originations and refinancing volumes. This will ...