OCN Ocwen Financial

Ocwen Financial Corporation is a provider of residential and commercial mortgage loan servicing, special servicing, and asset management services, which has been described as "debt collectors, collecting monthly principal and interest from homeowners". Ocwen is headquartered in West Palm Beach, Florida, with additional offices in Mount Laurel, NJ, Rancho Cordova, California, and St. Croix, U.S. Virgin Islands. It also has support operations in the Philippines and India. Ocwen's Slogan is "Helping Homeowners Is What We Do." Ocwen is licensed to service mortgage loans in all 50 states, the District of Columbia and two U.S. territories. Ocwen has been servicing residential mortgage loans since 1988 and subprime mortgage loans since 1994.[citation needed]
Company profile
Ticker
OCN
Exchange
Website
CEO
Glen Messina
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
650039856
OCN stock data
()
Press releases
PHH Mortgage Names Industry Veteran Andy Peach as Head of Correspondent Lending
29 Mar 21
PHH Mortgage Renews Partnership With the NAACP to Help COVID-19 Impacted Homeowners Through Virtual Borrower Outreach Series
10 Mar 21
Ocwen Financial Comments on Court Order Granting Ocwen's Motion for Summary Judgment on Majority of Claims in CFPB Matter
5 Mar 21
Ocwen Financial Announces Closing of $400 Million Offering of PHH Mortgage Corporation Senior Secured Notes Due 2026
4 Mar 21
Ocwen Financial Announces Pricing of $400 Million of Senior Secured Notes Due 2026 by PHH Mortgage Corporation
26 Feb 21
Calendar
19 Feb 21
13 Apr 21
31 Dec 21
Financial summary
Quarter (USD) |
Dec 20 | Sep 20 | Jun 20 | Mar 20 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) |
Dec 20 | Dec 19 | Dec 18 | Dec 17 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Financial data from company earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 357.27M | 357.27M | 357.27M | 357.27M | 357.27M | 357.27M |
Cash burn (monthly) | 8.57M | 11.26M | 269.67K | 8.81M | (positive/no burn) | (positive/no burn) |
Cash used (since last report) | 29.42M | 38.66M | 926.13K | 30.25M | n/a | n/a |
Cash remaining | 327.84M | 318.61M | 356.34M | 327.02M | n/a | n/a |
Runway (months of cash) | 38.3 | 28.3 | 1321.4 | 37.1 | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
11 Apr 21 | Glen A. Messina | Common Stock | Payment of exercise | Dispose F | No | No | 27.89 | 5,821 | 162.35K | 70,896 |
11 Apr 21 | Glen A. Messina | Common Stock | Option exercise | Aquire M | No | No | 0 | 12,562 | 0 | 76,717 |
11 Apr 21 | Glen A. Messina | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 12,562 | 0 | 12,563 |
30 Mar 21 | Grunenwald Francois | Common Stock | Sale back to company | Dispose D | No | No | 0 | 1,822 | 0 | 0 |
30 Mar 21 | Grunenwald Francois | Common Stock | Option exercise | Aquire M | No | No | 0 | 1,822 | 0 | 1,822 |
30 Mar 21 | Grunenwald Francois | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,822 | 0 | 3,644 |
30 Mar 21 | June C Campbell | Common Stock | Sale back to company | Dispose D | No | No | 0 | 4,222 | 0 | 3,907 |
30 Mar 21 | June C Campbell | Common Stock | Option exercise | Aquire M | No | No | 0 | 4,222 | 0 | 8,129 |
30 Mar 21 | June C Campbell | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 4,222 | 0 | 7,944 |
30 Mar 21 | Glen A. Messina | Common Stock | Payment of exercise | Dispose F | No | No | 27.84 | 11,585 | 322.53K | 64,155 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
59.0% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 56 |
Opened positions | 17 |
Closed positions | 10 |
Increased positions | 15 |
Reduced positions | 14 |
13F shares |
Current |
---|---|
Total value | 148.94M |
Total shares | 5.12M |
Total puts | 638.53K |
Total calls | 349.48K |
Total put/call ratio | 1.8 |
Largest owners |
Shares | Value |
---|---|---|
Cooperman Leon G | 879.04K | $25.41M |
Deer Park Road Management | 863.74K | $24.97M |
Deer Park Road | 863.74K | $24.97M |
FIG Fortress Investment | 386.95K | $11.19M |
Vanguard | 301.57K | $8.72M |
CQS (us) | 181.14K | $5.24M |
D. E. Shaw & Co. | 169.97K | $4.91M |
Dimensional Fund Advisors | 149.35K | $4.32M |
BLK Blackrock | 147.51K | $4.27M |
Prescott Group Capital Management, L.L.C. | 145.61K | $4.21M |
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.
- As a participant in the now ended HAMP program, we are subject to review by SIGTARP, which could adversely affect our business, reputation, and financial condition.
- 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 predatory 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.
- We may be unable to consummate our previously announced transactions with Oaktree.
- Our strategic plan to return to 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.
- 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.
- Disagreements with vendors, service providers or other contractual counterparties could materially and adversely affect our business, financing activities, financial condition or 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.
- 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.
- If we are unable to fund our tail commitments or securitize our HECM loans (including tails), this could have a material adverse effect on our business, financial condition, liquidity 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.
- Reinsuring risk through our captive reinsurance entity could adversely impact our results of operation and financial condition.
- A significant portion of our business is in the states of California, Florida, Texas, New York and Illinois, and our business may be significantly harmed by a slowdown in the economy or the occurrence of a natural disaster in those states.
- 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.
- 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.
Content analysis
?
Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. junior Avg
|
New words:
abate, adversary, affinity, Agriculture, ahead, Ahmed, Aid, alliance, AMT, antidilution, ATI, Atrium, backtesting, bench, bidder, breakeven, brightest, broadly, carbon, CECL, choice, claimable, cleared, clearing, color, commute, commuting, conflict, consumption, country, CPR, cushion, deconsolidated, Delight, depositor, Depot, derecognition, Disease, disorderly, displayed, distinct, distressed, domain, Eastern, ecosystem, Embrace, Embracing, emergence, emergency, enduring, environmental, ESG, exacerbate, explanatory, explicitly, extinguishment, Extraordinary, fault, filled, flourish, formula, fractional, fragmented, frame, franchise, fueled, gender, grown, hardship, heard, history, homeowner, HSBC, implicit, Incurrence, Inline, Innovation, innovative, inquired, insider, intraperiod, IRC, iXBRL, judgement, jury, lag, lagging, laundering, learning, leasehold, led, lesser, MAV, Median, membership, mentoring, misapplication, Monteleone, moratorium, Munoz, NAACP, NaN, nationwide, nearest, nonreceipt, nonrecoverable, noteworthy, Oaktree, OCW, OGWN, OID, OMH, onset, onshore, opportunistically, outbreak, outreach, overnight, pair, pandemic, partner, partnership, peer, percentile, PIK, pocket, pride, proforma, progressively, Proposition, PT, rally, rata, realignment, recycle, refund, remote, reset, robust, rollforward, rounded, rounding, Saber, sample, scalable, scenario, seized, session, setup, situation, SOFR, solution, sudden, surge, surrender, tagged, Teamwork, technique, tendered, text, therewith, thousand, trajectory, travel, unallocated, unchanged, unemployment, Unity, unprecedented, USA, USDA, variance, vehicle, venture, viral, voice, VPC, weigh, Weiner, welfare, whistleblower, women, workplace, worsen, Worthington
Removed:
accuracy, ACS, affirmed, Ala, Alabama, analyze, analyzed, announcement, appointment, Atlanta, attractive, automated, automotive, Beecroft, beneficially, boost, Bourque, burden, callable, caption, capture, car, Carvelli, Catherine, Christiansted, Codification, Commonwealth, comparability, Connecticut, constructive, Copyright, corrective, dealer, deductibility, deduction, distributed, Dondzila, earliest, ease, effectuate, enabled, encountered, Erbey, exclude, existence, exited, Fla, flat, Georgia, GILTI, Glendale, HARP, historic, Ill, impaired, incomplete, intangible, interpretive, inventory, Irvine, knowingly, knowledge, lessee, Linkbase, Lipstein, list, magnified, man, McWhorter, merge, merging, Michael, MINE, modifying, negotiate, Nonrefundable, Northern, notably, planned, positively, predominant, preliminarily, prohibition, Ratification, reclassification, recognizing, rental, reorganize, repatriate, repatriated, repatriation, repealing, revalued, revaluing, Robert, Ronald, sanction, Schema, simplified, simultaneously, Snyder, stranded, strata, stratum, stringent, superior, SUPPLEMENTARY, Taxonomy, Trump, twelve, undergoing, willfully, William, wrote
Financial reports
10-K
2020 FY
Annual report
19 Feb 21
10-Q
2020 Q3
Quarterly report
3 Nov 20
10-Q
2020 Q2
Quarterly report
4 Aug 20
10-Q
2020 Q1
Quarterly report
8 May 20
10-K
2019 FY
Annual report
26 Feb 20
10-Q
2019 Q3
Quarterly report
5 Nov 19
10-Q
2019 Q2
Quarterly report
6 Aug 19
10-Q
2019 Q1
Quarterly report
7 May 19
10-K
2018 FY
Annual report
26 Feb 19
10-Q
2018 Q3
Quarterly report
5 Nov 18
Current reports
8-K
Departure of Directors or Certain Officers
5 Mar 21
8-K
Ocwen Financial Announces Closing of $400 Million Offering of PHH Mortgage Corporation Senior Secured Notes Due 2026
4 Mar 21
8-K
Ocwen Financial Announces Pricing of
25 Feb 21
8-K
Ocwen Financial Announces Proposed Offering of
24 Feb 21
8-K
Ocwen Financial Announces Agreement with Oaktree for Additional $250 Million Investment and Preliminary Fourth Quarter Results
9 Feb 21
8-K
Ocwen Financial Names George Henley Executive Vice President and Chief Growth Officer
8 Feb 21
8-K
Entry into a Material Definitive Agreement
22 Dec 20
8-K
Ocwen Financial Provides Business Update and Preliminary Third Quarter Results
20 Oct 20
8-K
Ocwen Financial Corporation Comments on Settlement with State of Florida Office of the Attorney General and Office of Financial Regulation
15 Oct 20
8-K
Departure of Directors or Certain Officers
16 Sep 20
Registration and prospectus
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
POS AM
Prospectus update (post-effective amendment)
25 Jun 15
S-3ASR
Automatic shelf registration
8 May 13
424B3
Prospectus supplement
13 Nov 11
Proxies
DEF 14A
Definitive proxy
27 Apr 20
PRE 14A
Preliminary proxy
15 Apr 20
DEF 14A
Definitive proxy
18 Apr 19
DEFA14A
Additional proxy soliciting materials
12 Oct 18
DEF 14A
Definitive proxy
24 Sep 18
PRE 14A
Preliminary proxy
12 Sep 18
DEFA14A
Additional proxy soliciting materials
20 Aug 18
DEF 14A
Definitive proxy
18 Apr 18
DEF 14A
Definitive proxy
9 Apr 17
DEF 14A
Definitive proxy
6 Apr 16
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 / Glen A. Messina ownership change
12 Apr 21
4
OCWEN FINANCIAL / DENNIS ZELENY ownership change
1 Apr 21
4
OCWEN FINANCIAL / Glen A. Messina ownership change
1 Apr 21
4
OCWEN FINANCIAL / June C Campbell ownership change
1 Apr 21
4
OCWEN FINANCIAL / Francois Grunenwald ownership change
1 Apr 21
4
OCWEN FINANCIAL / John V. Britti ownership change
31 Mar 21
4
OCWEN FINANCIAL / Scott William Anderson ownership change
31 Mar 21
4
OCWEN FINANCIAL / ALBERINO J CELINI ownership change
31 Mar 21
4
OCWEN FINANCIAL / Joseph J Samarias ownership change
31 Mar 21
4
OCWEN FINANCIAL / June C Campbell ownership change
8 Mar 21
Transcripts
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
2019 Q1
Earnings call transcript
7 May 19
2018 Q4
Earnings call transcript
27 Feb 19
2018 Q3
Earnings call transcript
6 Nov 18
2018 Q2
Earnings call transcript
26 Jul 18
Reddit threads
No penny stock aligns a common investor with more experienced & powerful investors then $NOVC
9 Apr 21
SoftBank sits on Billion dollar stock under it's Sub Fortress
9 Apr 21
NOVC Debt Holders (CDOs owned by Fortress and EJF Capital) are also largest Common Holders 31.3M shares 9M common + 2.250M ten year warrants at one cent strike and have been since Aug 2019
8 Apr 21
Stupid f*****g automod I didn't make this for you to tell me you've seen it before. Also 🚀🚀🚀
26 Mar 21
Daily Discussion Thread - February 10th, 2021
10 Feb 21
Daily Discussion Thread - February 9th, 2021
9 Feb 21
Daily Discussion Thread - November 24th, 2020
24 Nov 20
Daily Discussion Thread - November 23rd, 2020
23 Nov 20
Daily Discussion Thread - November 17th, 2020
17 Nov 20
Daily Discussion Thread - November 16th, 2020
16 Nov 20