Ocwen Financial Corporation is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation's largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. The Company is headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and has been serving its customers since 1988.

Company profile
Ticker
OCN
Exchange
Website
CEO
Glen Messina
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
PHH Mortgage Corporation • PHH Corporation • Ocwen Financial Solutions Private Limited • Ocwen Advance Facility Transferor, LLC • CR Limited • Ocwen Business Solutions, Inc. • Ocwen USVI Services, LLC • (1)Operating company ...
IRS number
650039856
OCN stock data
News

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4 Aug 22
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4 Aug 22
Ocwen Financial Q2 EPS $1.12 Misses $1.32 Estimate
4 Aug 22
Earnings Scheduled For August 4, 2022
4 Aug 22
Press releases
Ocwen Financial Announces Second Quarter 2022 Results
4 Aug 22
Ocwen Financial Schedules Conference Call – Second Quarter 2022 Results and Business Update
25 Jul 22
PHH Mortgage Announces Agreement With Federal Home Loan Bank of Indianapolis to Purchase Mortgage Servicing Rights
28 Jun 22
Ocwen Board of Directors Authorizes $50 Million Share Repurchase Program
23 May 22
Ocwen Financial Appoints Sean O'Neil Executive Vice President and Chief Financial Officer
18 May 22
Calendar
4 Aug 22
9 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Cost of revenue | |||||
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 322.58M | 322.58M | 322.58M | 322.58M | 322.58M | 322.58M |
Cash burn (monthly) | 7.47M | (no burn) | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 9.99M | n/a | n/a | n/a | n/a | n/a |
Cash remaining | 312.59M | n/a | n/a | n/a | n/a | n/a |
Runway (months of cash) | 41.8 | n/a | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
31 Jul 22 | Dennis Zeleny | Common Stock | Sale back to company | Dispose D | No | No | 0 | 2,193 | 0 | 1,675 |
31 Jul 22 | Dennis Zeleny | Common Stock | Option exercise | Acquire M | No | No | 0 | 2,193 | 0 | 3,868 |
31 Jul 22 | Dennis Zeleny | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 2,193 | 0 | 0 |
13 Jun 22 | Sean Bradley O'Neil | RSU Common Stock | Grant | Acquire A | No | No | 0 | 51,546 | 0 | 51,546 |
13 Jun 22 | Sean Bradley O'Neil | RSU Common Stock | Grant | Acquire A | No | No | 0 | 13,094 | 0 | 13,094 |
13 Jun 22 | Sean Bradley O'Neil | RSU Common Stock | Grant | Acquire A | No | No | 0 | 13,094 | 0 | 13,094 |
1 Jun 22 | Jacques J Busquet | Common Stock | Option exercise | Acquire M | No | No | 0 | 4,166 | 0 | 34,794 |
1 Jun 22 | Jacques J Busquet | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 4,166 | 0 | 0 |
1 Jun 22 | Jacques J Busquet | Common Stock | Buy | Acquire P | No | No | 28.6 | 1,000 | 28.6K | 35,794 |
Institutional ownership, Q1 2022
83.2% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 72 |
Opened positions | 8 |
Closed positions | 16 |
Increased positions | 20 |
Reduced positions | 24 |
13F shares | Current |
---|---|
Total value | 151.47M |
Total shares | 7.24M |
Total puts | 31.9K |
Total calls | 150.4K |
Total put/call ratio | 0.2 |
Largest owners | Shares | Value |
---|---|---|
Oaktree | 1.05M | $0 |
Deer Park Road Management | 863.74K | $24.97M |
Deer Park Road | 863.74K | $20.52M |
Oaktree Capital Management | 756.87K | $17.98M |
BLK Blackrock | 570.69K | $13.56M |
Long Focus Capital Management | 431.67K | $10.26M |
Vanguard | 338.16K | $8.04M |
Dimensional Fund Advisors | 206.28K | $4.9M |
TCW | 202.47K | $4.81M |
Bridgeway Capital Management | 202.06K | $4.8M |
Financial report summary
?Risks
- The business in which we engage is complex and heavily regulated. If we fail to operate our business in compliance with both existing and future regulations, our business, reputation, financial condition or results of operations could be materially and adversely affected.
- Governmental bodies have taken regulatory and legal actions against us in the past and may in the future impose regulatory fines or penalties or impose additional requirements or restrictions on our activities that could increase our operating expenses, reduce our revenues or otherwise adversely affect our business, financial condition, liquidity, results of operations, ability to grow and reputation.
- State Licensing and State Attorneys General
- Our regulatory settlements and public allegations regarding our business practices by regulators and other third parties may affect other regulators’, rating agencies’, and creditors’ perceptions, which could adversely impact our financial results and ongoing operations.
- If regulators allege that we do not comply with the terms of our regulatory settlements, or if we enter into future regulatory settlements, it could significantly impact our ability to maintain and grow our servicing portfolio.
- If we are unable to respond timely and effectively to routine or other regulatory examinations and borrower complaints, our business and financial conditions may be adversely affected.
- Private legal proceedings and related costs alleging failures to comply with applicable laws or regulatory requirements could adversely affect our financial condition and results of operations.
- Non-compliance with laws and regulations could lead to termination of servicing agreements or defaults under our debt agreements.
- If new laws and regulations lengthen foreclosure times or introduce new regulatory requirements regarding foreclosure procedures, our operating costs and liquidity requirements could increase and we could be subject to regulatory action.
- If we fail to comply with the TILA-RESPA Integrated Disclosure (TRID) rules, our business and operations could be materially and adversely affected and our plans to expand our lending business could be adversely impacted.
- Failure to comply with the Home Mortgage Disclosure Act (HMDA) and related CFPB regulations could adversely impact our business.
- There may be material changes to the laws, regulations, rules or practices applicable to reverse mortgage programs sponsored by HUD and FHA, and securitized by Ginnie Mae, which could materially and adversely affect us and the reverse mortgage industry as a whole.
- Violations of fair lending and/or servicing laws could negatively affect our business.
- Failure to comply with FHA underwriting guidelines could adversely impact our business.
- Failure to comply with United States and foreign laws and regulations applicable to our global operations could have an adverse effect on our business, financial position, results of operations or cash flows.
- Failure to comply with the S.A.F.E. Act could adversely impact our business.
- Our strategic plan to return to sustainable profitability may not be successful.
- If we are unable to obtain sufficient capital to meet the financing requirements of our business, or if we fail to comply with our debt agreements, our business, financing activities, financial condition and results of operations will be adversely affected.
- We may be unable to obtain sufficient servicer advance financing necessary to meet the financing requirements of our business, which could adversely affect our liquidity position and result in a loss of servicing rights.
- If we fail to satisfy minimum net worth and liquidity requirements established by regulators, GSEs, Ginnie Mae, lenders, or other counterparties, our business, financing activities, financial condition or results of operations could be materially and adversely affected.
- We use estimates in measuring or determining the fair value of the majority of our assets and liabilities. If our estimates prove to be incorrect, we may be required to write down the value of these assets or write up the value of these liabilities, which could adversely affect our earnings.
- We are exposed to liquidity, interest rate and foreign currency exchange risks.
- Our hedging strategy may not be successful in partially mitigating our exposure to interest rate risk.
- Rising inflation may result in increased compensation and benefit expense and exacerbate pressures created by current labor market trends, increase the rates charged by vendors, and generally increase our operating costs, which could negatively impact our operations and financial results.
- Growth of our subservicing portfolio and originations business, and the profitability of our investment in MAV, are partially dependent on decisions made by a third party which we do not control.
- GSE and Ginnie Mae initiatives and other actions may affect our financial condition and results of operations.
- An economic slowdown or a deterioration of the housing market could increase both interest expense on servicing advances and operating expenses and could cause a reduction in income from, and the value of, our servicing portfolio.
- A significant increase in prepayment speeds could adversely affect our financial results.
- If we do not comply with our obligations under our servicing agreements or if others allege non-compliance, our business and results of operations may be harmed.
- GSEs or Ginnie Mae may curtail or terminate our ability to sell, service or securitize newly originated loans to them.
- A significant reduction in, or the total loss of, our remaining NRZ-related servicing would significantly impact our business, liquidity, financial condition and results of operations.
- If NRZ were to fail to comply with its servicing advance obligations under its agreements with us, it could materially and adversely affect us.
- Technology or process failures or employee misconduct could damage our business operations or reputation, harm our relationships with key stakeholders and lead to regulatory sanctions or penalties.
- We have undergone and continue to undergo significant change to our technology infrastructure and business processes. Failure to adequately update our systems and processes could harm our ability to run our business and adversely affect our results of operations.
- Cybersecurity breaches or system failures may interrupt or delay our ability to provide services to our customers, expose our business and our customers to harm and otherwise adversely affect our operations.
- Damage to our reputation could adversely impact our financial results and ongoing operations.
- The industry in which we operate is highly competitive, and, to the extent we fail to meet these competitive challenges, it would have a material adverse effect on our business, financial position, results of operations or cash flows.
- An inability to attract and retain qualified personnel could harm our business, financial condition and results of operations.
- We have operations in India and the Philippines that could be adversely affected by changes in the political or economic stability of these countries or by government policies in India, the Philippines or the U.S.
- Our operations are vulnerable to disruptions resulting from severe weather events.
- If a rise in severe weather events increases the proportion of borrowers facing financial hardship, our servicing operations and financial condition could be negatively impacted.
- A significant portion of our business is in the states of California, Texas, Florida, New York and New Jersey, and our business may be significantly harmed by a slowdown in the economy or the occurrence of a natural disaster in those states.
- Reinsuring risk through our captive reinsurance entity could adversely impact our results of operation and financial condition.
- Pursuit of business or asset acquisitions exposes us to financial, execution and operational risks that could adversely affect us.
- Loan put-backs and related liabilities for breaches of representations and warranties regarding sold loans could adversely affect our business.
- We originate and securitize reverse mortgages, which subjects us to risks that could have a material adverse effect on our business, reputation, liquidity, financial condition and results of operations.
- Our HMBS repurchase obligations may reduce our liquidity, and if we are unable to comply with such obligations, it could materially adversely affect our business, financial condition, and results of operations.
- Liabilities relating to our past sales of Agency MSRs could adversely affect our business.
- We may incur litigation costs and related losses if the validity of a foreclosure action is challenged by a borrower or if a court overturns a foreclosure.
- A failure to maintain minimum servicer ratings could have an adverse effect on our business, financing activities, financial condition or results of operations.
- Changes in the method of determining LIBOR, or the replacement of LIBOR with an alternative reference rate, may adversely affect interest rates, our business, and financial markets as a whole.
- Changes in tax laws and interpretation and tax challenges may adversely affect our financial condition and results of operations.
- Failure to retain the tax benefits provided by the USVI would adversely affect our financial condition and results of operations.
- We may be subject to increased United States federal income taxation.
- Any “ownership change” as defined in Section 382 of the Internal Revenue Code could substantially limit our ability to utilize our net operating losses carryforwards and other deferred tax assets.
- Our common stock price experiences substantial volatility and has dropped significantly on a number of occasions in recent periods, which may affect your ability to sell our common stock at an advantageous price.
- We have several large shareholders, and such shareholders may vote their shares to influence matters requiring shareholder approval.
- Our board of directors may authorize the issuance of additional securities that may cause dilution and may depress the price of our securities.
- Future offerings of debt securities, which would be senior to our common stock in liquidation, or equity securities, which would dilute our existing stockholders’ interests and may be senior to our common stock in liquidation or for the purposes of distributions, may harm the market price of our securities.
- Because of certain provisions in our organizational documents and regulatory restrictions, takeovers may be more difficult, possibly preventing you from obtaining an optimal share price. In addition, significant investments in our common stock may be restricted, which could impact demand for, and the trading price of, our common stock.
Management Discussion
- •Net income of $10 million, or $1.12 per share basic and $1.11 per share diluted
Content analysis
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H.S. junior Avg
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New words:
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Removed:
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Financial reports
Current reports
8-K
Ocwen Financial Announces Second Quarter 2022 Results
4 Aug 22
8-K
Departure of Directors or Certain Officers
27 May 22
8-K
Regulation FD Disclosure
23 May 22
8-K
Ocwen Financial Appoints Sean O’neil Executive Vice President and Chief Financial Officer
18 May 22
8-K
Ocwen Financial Announces First Quarter 2022 Results
5 May 22
8-K
Entry into a Material Definitive Agreement
4 May 22
8-K
Ocwen Financial Announces Preliminary First Quarter 2022 Results and Schedules Earnings Conference Call
27 Apr 22
8-K
Departure of Directors or Certain Officers
5 Apr 22
8-K
Ocwen Financial Announces Full Year and Fourth Quarter 2021 Results
25 Feb 22
8-K
Ocwen Financial Announces Third Quarter 2021 Results
8 Nov 21
Registration and prospectus
S-8
Registration of securities for employees
25 May 21
S-8 POS
Registration of securities for employees (post-effective amendment)
25 May 21
S-8 POS
Registration of securities for employees (post-effective amendment)
25 May 21
S-8
Registration of securities for employees
23 May 17
S-8 POS
Registration of securities for employees (post-effective amendment)
23 May 17
424B3
Prospectus supplement
11 Nov 15
S-4/A
Registration of securities issued in business combination transactions (amended)
11 Nov 15
S-4
Registration of securities issued in business combination transactions
1 Nov 15
POS AM
Prospectus update (post-effective amendment)
25 Jun 15
POS AM
Prospectus update (post-effective amendment)
25 Jun 15
Other
UPLOAD
Letter from SEC
24 Apr 19
CORRESP
Correspondence with SEC
16 Apr 19
UPLOAD
Letter from SEC
3 Apr 19
CT ORDER
Confidential treatment order
26 Nov 18
CT ORDER
Confidential treatment order
22 May 18
CT ORDER
Confidential treatment order
6 Dec 17
EFFECT
Notice of effectiveness
11 Nov 15
UPLOAD
Letter from SEC
6 Oct 15
CORRESP
Correspondence with SEC
22 Sep 15
UPLOAD
Letter from SEC
13 Sep 15
Ownership
4
OCWEN FINANCIAL / DENNIS ZELENY ownership change
2 Aug 22
SC 13G
OCWEN FINANCIAL / BlackRock ownership change
8 Jul 22
4
OCWEN FINANCIAL / Sean Bradley O'Neil ownership change
14 Jun 22
3
OCWEN FINANCIAL / Sean Bradley O'Neil ownership change
14 Jun 22
4
OCWEN FINANCIAL / Jacques J Busquet ownership change
2 Jun 22
4
OCWEN FINANCIAL / Jacques J Busquet ownership change
1 Jun 22
4
OCWEN FINANCIAL / JENNE K BRITELL ownership change
1 Jun 22
4
OCWEN FINANCIAL / PHYLLIS R CALDWELL ownership change
31 May 22
4
OCWEN FINANCIAL / Alan J Bowers ownership change
27 May 22
4
OCWEN FINANCIAL / Jacques J Busquet ownership change
27 May 22
Transcripts
2022 Q2
Earnings call transcript
6 Aug 22
2022 Q1
Earnings call transcript
5 May 22
2021 Q4
Earnings call transcript
25 Feb 22
2021 Q3
Earnings call transcript
8 Nov 21
2020 Q4
Earnings call transcript
10 Feb 21
2020 Q3
Earnings call transcript
20 Oct 20
2020 Q1
Earnings call transcript
8 May 20
2019 Q4
Earnings call transcript
26 Feb 20
2019 Q3
Earnings call transcript
5 Nov 19
2019 Q2
Earnings call transcript
6 Aug 19
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Daily Discussion Thread - February 18th, 2022
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