From GlobeNewswire: 2024-05-02 06:45:00

Ocwen Financial Corporation reported a net income of $30 million and diluted earnings per share of $3.74 for the first quarter of 2024, achieving strong results driven by its servicing and originations segments. The company also announced plans to rebrand as Onity Group Inc. and begin trading on the NYSE under the symbol “ONIT.” Additionally, Moody’s Ratings upgraded their corporate family rating to B3 in April.

The company achieved an adjusted pre-tax income of $14 million, with a 13.8% annualized adjusted pre-tax return on equity. They repurchased $47 million in PHH senior secured notes below par and added $23 billion in total servicing, with $19 billion in subservicing additions. Total ending servicing UPB was $302 billion, while total liquidity as of March 31, 2024, was $219 million.

Ocwen Financial Corporation reduced GAAP operating expenses by $9.7 million from the first quarter of 2023 and increased the mix of higher-margin products in its owned MSR originations. The company’s book value per share was $56 as of March 31, 2024. Ocwen will hold a conference call on May 2, 2024, to discuss its first quarter operating results and provide a business update, with plans to rebrand to Onity Group pending shareholder approval.



Read more at GlobeNewswire:: Ocwen Financial Announces First Quarter 2024 Results