Ocwen Financial Corporation, (NYSE:OCN)
(“Ocwen” or the “Company”), a leading financial
services holding company, today reported a net loss of $(10.4)
million, or $(0.08) per share, for the three months ended December
31, 2016 compared to a net loss of $(224.3) million, or $(1.79) per
share, for the three months ended December 31, 2015. Ocwen
generated revenue of $323.9 million, down 10.6% compared to the
fourth quarter of the prior year, primarily driven by the impact of
portfolio run-off. Cash Flows from Operating Activities were
$124.2 million for the three months ended December 31, 2016,
compared to $(192.4) million during the same period last
year.
The full year net loss for 2016 was $(199.4)
million, or $(1.61) per share, as compared to a loss of $(246.7)
million, or $(1.97) per share for 2015. Revenue for 2016 was
$1.4 billion, a decline of $354 million, or 20.3%. The
Company generated $475 million of Cash Flows from Operating
Activities in 2016 and ended the year with $257 million of cash.
At December 31, 2016, the Company had not yet paid various
potential legal and regulatory settlement amounts expensed in 2016
totaling approximately $68 million.
“We are pleased with the progress the Company
made in the second half of the year. Not only did we deliver
significantly improved financial performance versus the first half
of the year, we continued our industry leadership in helping
struggling families remain in their homes through responsible loan
modifications. We also refinanced our corporate debt,
improved our cost structure and raised our servicer ratings and
rankings. In addition, we continued to make progress towards
resolving our major legacy legal and regulatory issues; but more
progress is needed for us to complete our stabilization process,”
commented Ron Faris, President and CEO of Ocwen.
Fourth Quarter and Full Year 2016
Results
Pre-tax loss for the fourth quarter of 2016 was
$(10.2) million. Pre-tax results for the quarter were impacted by a
number of significant items including but not limited to: $31.6
million of benefit from fair value changes related to GNMA and GSE
MSRs (excluding runoff), $(16.3) million of corporate debt
refinance-related expenses, $(12.5) million in potential regulatory
settlement-related reserves, $(8.5) million of regulatory monitor
costs and $0.6 million of other items. Excluding these
significant items, the Company had an adjusted pre-tax loss of
$(5.1) million.
The Servicing segment recorded $43.3 million of
pre-tax income, inclusive of the MSR fair value changes, which was
favorable compared to the prior quarter by $10.1 million. For
the full year 2016, the Servicing business recorded a $(6.5)
million pre-tax loss, a decrease of only $22.4 million over 2015 as
the business was successful in offsetting most of the impact of
lower revenue from UPB run-off and $(75.4) million lower agency MSR
sales-related gains versus 2015 by improving its cost structure in
2016 and successfully executing on the streamline HAMP modification
program.
The Lending segment incurred a $(3.1) million
pre-tax loss for the fourth quarter of 2016, $(6.7) million
unfavorable to the prior quarter, driven by a 10% decline in
volumes and lower margins. For the full year 2016, the
Lending business earned $10 million of pre-tax income, a decrease
of $24 million versus 2015 driven by lower margins due to
significantly lower HARP opportunities and increased expenses from
investments in the business.
The Automotive Capital Services business
continued to grow, increasing inventory finance gross receivables
outstanding by $12 million or 45% over the third quarter of
2016. Overall, the business increased the receivables
outstanding at year-end by $37 million or 14x in 2016. As of
February 17, 2017, the business is operating in 35 markets with 68
active auto dealerships and has approved credit facilities of $91
million with these dealerships.
Additional Business
Highlights
- On February 17, 2017, Ocwen entered into a settlement agreement
with the California Department of Business Oversight that, among
other things, terminated the engagement of their independent
auditor and removed restrictions on our ability to acquire new
MSRs.
- In 2016, Ocwen completed 74,920 loan modifications with HAMP
modifications accounting for 56.1% of the total.
- Delinquencies decreased from 11.4% at September 30, 2016 to
11.2% at December 31, 2016, primarily driven by ongoing
consumer assistance efforts.
- The constant pre-payment rate (“CPR”) marginally increased from
15.0% in the third quarter of 2016 to 15.1% in the fourth quarter
of 2016. In the fourth quarter of 2016, prime CPR was 19.9%,
and non-prime CPR was 12.1%.
- For the full year 2016, Ocwen originated forward and reverse
mortgage loans with UPB of $4.2 billion and $825.5 million,
respectively.
- Our reverse mortgage portfolio ended the year with an estimated
$101.1 million in undiscounted future gains from anticipated future
draws by borrowers on existing loans. Future draws on
existing loans are estimated based on historical experience and
industry benchmarks. We do not incur any substantive underwriting,
marketing or compensation costs in connection with future draws,
although we must maintain sufficient capital resources and
available borrowing capacity to ensure that we are able to fund
them. Neither the anticipated future gains nor future funding
liability are included in the Company’s financial statements.
- Our CFPB consumer complaint levels continued to improve,
declining by 34% for the three month period from August to October
of 2016 as compared to the same three month period in 2015.
- We launched a targeted California consumer assistance campaign
with NeighborWorks® Sacramento to help our customers in California
who are struggling with their mortgage debt.
Webcast and Conference Call
Ocwen will host a webcast and conference call on
Wednesday, February 22, 2017, at 5 p.m., Eastern Time, to discuss
its financial results for the fourth quarter of 2016. The
conference call will be webcast live over the internet from the
Company’s website at www.Ocwen.com. To access the call, click
on the “Shareholder Relations” section. A replay of the conference
call will be available via the website approximately two hours
after the conclusion of the call and will remain available for
approximately 30 days.
About Ocwen Financial
Corporation
Ocwen Financial Corporation is a financial
services holding company which, through its subsidiaries,
originates and services loans. We are headquartered in West Palm
Beach, Florida, with offices throughout the United States and in
the U.S. Virgin Islands as well as in India and the Philippines.
We have been serving our customers since 1988. We may
post information that is important to investors on our
website (www.Ocwen.com).
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements may be
identified by a reference to a future period or by use of
forward-looking terminology.
Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Our
business has been undergoing substantial change which has magnified
such uncertainties. Readers should bear these factors in mind when
considering such statements and should not place undue reliance on
such statements. Forward-looking statements involve a number
of assumptions, risks and uncertainties that could cause actual
results to differ materially. In the past, actual results have
differed from those suggested by forward looking statements and
this may happen again.
Important factors that could cause actual
results to differ materially from those suggested by the
forward-looking statements include, but are not limited to, the
following: our servicer and credit ratings as well as other actions
from various rating agencies, including the impact of downgrades of
our servicer and credit ratings; adverse effects on our business as
a result of regulatory investigations or settlements; reactions to
the announcement of such investigations or settlements by key
counterparties; increased regulatory scrutiny and media attention;
claims, litigation and investigations brought by government
agencies and private parties regarding our servicing, foreclosure,
modification and other practices, including uncertainty related to
the past, present or future investigations and settlements with
state regulators, the CFPB, State Attorneys General, the SEC,
Department of Justice or HUD and actions brought on under the False
Claims Act by private parties on behalf of the United States of
America regarding incentive and other payments made by government
entities; any adverse developments in existing legal proceedings or
the initiation of new legal proceedings; our ability to effectively
manage our regulatory and contractual compliance obligations; our
ability to contain and reduce our operating costs, including our
ability to successfully execute on our cost improvement initiative;
the adequacy of our financial resources, including our sources of
liquidity and ability to sell, fund and recover advances, repay
borrowings and comply with debt covenants contained in them;
volatility in our stock price; the characteristics of our servicing
portfolio, including prepayment speeds along with delinquency and
advance rates; our ability to successfully modify delinquent loans,
manage foreclosures and sell foreclosed properties; uncertainty
related to legislation, regulations, regulatory agency actions,
government programs and policies, industry initiatives and evolving
best servicing practices; as well as other risks detailed in
Ocwen’s reports and filings with the Securities and Exchange
Commission (SEC), including its annual report on Form 10-K for the
year ended December 31, 2016. Anyone wishing to understand
Ocwen’s business should review its SEC filings. Ocwen’s
forward-looking statements speak only as of the date they are made
and, we disclaim any obligation to update or revise forward-looking
statements whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures,
such as our reference to adjusted pre-tax loss. We believe these
non-GAAP financial measures provide a useful supplement to
discussions and analysis of our financial condition. We believe
these non-GAAP financial measures provide an alternative way to
view certain aspects of our business that is instructive. Non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, Ocwen's reported results under accounting
principles generally accepted in the United States. Other companies
may use non-GAAP financial measures with the same or similar titles
that are calculated differently to our non-GAAP financial measures.
As a result, comparability may be limited. Further information may
be found on Ocwen's website.
|
Residential Servicing Statistics
(Unaudited)(Dollars in thousands) |
|
At or for the Three Months Ended |
|
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
December 31, 2015 |
Total unpaid principal
balance of loans and REO serviced |
$ |
209,092,130 |
|
$ |
216,892,002 |
|
$ |
229,276,001 |
|
$ |
237,081,036 |
|
$ |
250,966,112 |
|
|
|
|
|
|
|
Non-performing loans
and REO serviced as a % of total UPB (1) |
11.2 |
% |
11.4 |
% |
11.9 |
% |
13.0 |
% |
|
13.7 |
% |
|
|
|
|
|
|
Prepayment speed
(average CPR) (2), (3) |
15.1 |
% |
15.0 |
% |
14.2 |
% |
12.7 |
% |
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Performing loans include those loans that are less than 90
days past due and those loans for which borrowers are making
scheduled payments under loan modification, forbearance or
bankruptcy plans. We consider all other loans to be
non-performing.
(2) Average CPR for the prior three months. CPR measures
prepayments as a percentage of the current outstanding loan balance
expressed as a compound annual rate.
(3) Average CPR for the three months ended December 31, 2016
includes 19.9% for prime loans and 12.1% for non-prime loans.
|
|
|
|
|
|
|
|
Segment Results
(Unaudited)(Dollars in thousands) |
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Twelve Months Ended December
31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Servicing |
|
|
|
|
|
|
|
Revenue |
$ |
295,432 |
|
|
$ |
344,268 |
|
|
$ |
1,247,159 |
|
|
$ |
1,613,537 |
|
Expenses |
178,728 |
|
|
281,108 |
|
|
920,434 |
|
|
1,221,879 |
|
Other
expense, net |
(73,403 |
) |
|
(125,785 |
) |
|
(333,218 |
) |
|
(375,782 |
) |
Income
(loss) before income taxes |
43,301 |
|
|
(62,625 |
) |
|
(6,493 |
) |
|
15,876 |
|
|
|
|
|
|
|
|
|
Lending |
|
|
|
|
|
|
|
Revenue |
23,108 |
|
|
18,003 |
|
|
112,363 |
|
|
124,724 |
|
Expenses |
26,251 |
|
|
24,202 |
|
|
104,342 |
|
|
97,692 |
|
Other
income, net |
9 |
|
|
1,090 |
|
|
1,967 |
|
|
6,933 |
|
Income
(loss) before income taxes |
(3,134 |
) |
|
(5,109 |
) |
|
9,988 |
|
|
33,965 |
|
|
|
|
|
|
|
|
|
Corporate Items and Other |
|
|
|
|
|
|
|
Revenue |
5,369 |
|
|
186 |
|
|
27,646 |
|
|
2,895 |
|
Expenses |
32,927 |
|
|
54,538 |
|
|
198,483 |
|
|
158,671 |
|
Other
expense, net |
(22,811 |
) |
|
(7,186 |
) |
|
(39,019 |
) |
|
(23,926 |
) |
Loss
before income taxes |
(50,369 |
) |
|
(61,538 |
) |
|
(209,856 |
) |
|
(179,702 |
) |
|
|
|
|
|
|
|
|
Corporate Eliminations |
|
|
|
|
|
|
|
Revenue |
(5 |
) |
|
— |
|
|
(5 |
) |
|
(58 |
) |
Expenses |
(5 |
) |
|
— |
|
|
(5 |
) |
|
(58 |
) |
Other
income (expense), net |
— |
|
|
— |
|
|
— |
|
|
— |
|
Income
(loss) before income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Consolidated loss before income taxes |
$ |
(10,202 |
) |
|
$ |
(129,272 |
) |
|
$ |
(206,361 |
) |
|
$ |
(129,861 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCWEN FINANCIAL CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars in thousands, except per share
data) |
(UNAUDITED) |
|
|
For the Three Months Ended December
31, |
|
For the Twelve Months Ended December
31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue |
|
|
|
|
|
|
|
Servicing
and subservicing fees |
$ |
279,627 |
|
|
$ |
328,256 |
|
|
$ |
1,186,620 |
|
|
$ |
1,531,797 |
|
Gain on
loans held for sale, net |
21,317 |
|
|
18,035 |
|
|
90,391 |
|
|
134,969 |
|
Other
revenues |
22,960 |
|
|
16,166 |
|
|
110,152 |
|
|
74,332 |
|
Total
revenue |
323,904 |
|
|
362,457 |
|
|
1,387,163 |
|
|
1,741,098 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Compensation and benefits |
93,727 |
|
|
101,456 |
|
|
381,340 |
|
|
415,055 |
|
Amortization of mortgage servicing rights |
14,383 |
|
|
11,006 |
|
|
32,978 |
|
|
99,194 |
|
Servicing
and origination |
30,571 |
|
|
88,655 |
|
|
279,801 |
|
|
344,560 |
|
Technology and communications |
24,814 |
|
|
36,965 |
|
|
110,333 |
|
|
154,758 |
|
Professional services |
47,791 |
|
|
84,665 |
|
|
305,586 |
|
|
276,393 |
|
Occupancy
and equipment |
17,978 |
|
|
27,334 |
|
|
80,191 |
|
|
112,864 |
|
Other |
8,637 |
|
|
9,767 |
|
|
33,025 |
|
|
75,360 |
|
Total
expenses |
237,901 |
|
|
359,848 |
|
|
1,223,254 |
|
|
1,478,184 |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest
income |
4,595 |
|
|
2,014 |
|
|
19,083 |
|
|
18,320 |
|
Interest
expense |
(104,500 |
) |
|
(119,767 |
) |
|
(412,583 |
) |
|
(482,373 |
) |
Gain on
sale of mortgage servicing rights, net |
803 |
|
|
(14,037 |
) |
|
8,492 |
|
|
83,921 |
|
Other,
net |
2,897 |
|
|
(91 |
) |
|
14,738 |
|
|
(12,643 |
) |
Total
other expense, net |
(96,205 |
) |
|
(131,881 |
) |
|
(370,270 |
) |
|
(392,775 |
) |
|
|
|
|
|
|
|
|
Loss before income
taxes |
(10,202 |
) |
|
(129,272 |
) |
|
(206,361 |
) |
|
(129,861 |
) |
Income tax expense
(benefit) |
228 |
|
|
94,985 |
|
|
(6,986 |
) |
|
116,851 |
|
Net loss |
(10,430 |
) |
|
(224,257 |
) |
|
(199,375 |
) |
|
(246,712 |
) |
Net income (loss)
attributable to non-controlling interests |
(14 |
) |
|
16 |
|
|
(387 |
) |
|
(305 |
) |
Net loss attributable to Ocwen stockholders |
(10,444 |
) |
|
(224,241 |
) |
|
(199,762 |
) |
|
(247,017 |
) |
Preferred stock
dividends |
— |
|
|
— |
|
|
— |
|
|
— |
|
Deemed dividends
related to beneficial conversion feature of preferred stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
Net loss attributable to Ocwen common
stockholders |
$ |
(10,444 |
) |
|
$ |
(224,241 |
) |
|
$ |
(199,762 |
) |
|
$ |
(247,017 |
) |
|
|
|
|
|
|
|
|
Loss per share
attributable to Ocwen common stockholders |
|
|
|
|
|
|
|
Basic |
$ |
(0.08 |
) |
|
$ |
(1.79 |
) |
|
$ |
(1.61 |
) |
|
$ |
(1.97 |
) |
Diluted |
$ |
(0.08 |
) |
|
$ |
(1.79 |
) |
|
$ |
(1.61 |
) |
|
$ |
(1.97 |
) |
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
|
Basic |
123,988,784 |
|
|
125,295,594 |
|
|
123,990,700 |
|
|
125,315,899 |
|
Diluted |
123,988,784 |
|
|
125,295,594 |
|
|
123,990,700 |
|
|
125,315,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OCWEN FINANCIAL CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Dollars in thousands, except share
data) |
(UNAUDITED) |
|
|
December 31, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
Cash |
$ |
256,549 |
|
|
$ |
257,272 |
|
Mortgage
servicing rights ($679,256 and $761,190 carried at fair value) |
1,042,978 |
|
|
1,138,569 |
|
Advances,
net |
257,882 |
|
|
444,298 |
|
Match
funded advances (related to variable interest entities (VIEs)) |
1,451,964 |
|
|
1,706,768 |
|
Loans
held for sale ($284,632 and $309,054 carried at fair value) |
314,006 |
|
|
414,046 |
|
Loans
held for investment - Reverse mortgages, at fair value |
3,565,716 |
|
|
2,488,253 |
|
Receivables, net |
265,720 |
|
|
286,981 |
|
Deferred
tax assets, net |
2,732 |
|
|
— |
|
Premises
and equipment, net |
62,744 |
|
|
57,626 |
|
Other
assets ($20,007 and $14,352 carried at fair value)(amounts related
to VIEs of $43,331 and $59,278) |
435,372 |
|
|
586,495 |
|
Total
assets |
$ |
7,655,663 |
|
|
$ |
7,380,308 |
|
|
|
|
|
Liabilities and
Equity |
|
|
|
Liabilities |
|
|
|
Match
funded liabilities (related to VIEs) |
$ |
1,280,997 |
|
|
$ |
1,584,049 |
|
Financing
liabilities ($3,911,488 and $2,933,066 carried at fair value) |
4,012,812 |
|
|
3,089,255 |
|
Other
secured borrowings, net |
678,543 |
|
|
762,411 |
|
Senior
notes, net |
346,789 |
|
|
345,511 |
|
Other
liabilities ($1,550 and $0 carried at fair value) |
681,239 |
|
|
744,444 |
|
Total
liabilities |
7,000,380 |
|
|
6,525,670 |
|
|
|
|
|
Equity |
|
|
|
Ocwen
Financial Corporation (Ocwen) stockholders’ equity |
|
|
|
Common
stock, $.01 par value; 200,000,000 shares authorized; 123,988,160
and 124,774,516 shares issued and outstanding at December 31, 2016
and 2015, respectively |
1,240 |
|
|
1,248 |
|
Additional paid-in capital |
527,001 |
|
|
526,148 |
|
Retained
earnings |
126,167 |
|
|
325,929 |
|
Accumulated other comprehensive loss, net of income taxes |
(1,450 |
) |
|
(1,763 |
) |
Total
Ocwen stockholders’ equity |
652,958 |
|
|
851,562 |
|
Non-controlling interest in subsidiaries |
2,325 |
|
|
3,076 |
|
Total
equity |
655,283 |
|
|
854,638 |
|
Total
liabilities and equity |
$ |
7,655,663 |
|
|
$ |
7,380,308 |
|
|
|
|
|
|
|
|
|
OCWEN FINANCIAL CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Dollars in thousands) |
(UNAUDITED) |
|
|
For the Years Ended December 31, |
|
2016 |
|
2015 |
Cash flows from
operating activities |
|
|
|
Net
loss |
$ |
(199,375 |
) |
|
$ |
(246,712 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Amortization of mortgage servicing rights |
32,978 |
|
|
99,194 |
|
Loss on
valuation of mortgage servicing rights, at fair value |
80,238 |
|
|
98,173 |
|
Impairment of mortgage servicing rights |
10,813 |
|
|
17,341 |
|
Gain on
sale of mortgage servicing rights, net |
(8,492 |
) |
|
(83,921 |
) |
Realized
and unrealized losses on derivative financial instruments |
1,724 |
|
|
8,419 |
|
Provision
for bad debts |
81,079 |
|
|
101,226 |
|
Depreciation |
25,338 |
|
|
19,159 |
|
Amortization of debt discount |
4,177 |
|
|
2,680 |
|
Amortization of debt issuance costs |
25,662 |
|
|
22,664 |
|
Provision
for valuation allowance on deferred tax assets |
15,639 |
|
|
97,069 |
|
(Increase) decrease in deferred tax assets other than provision for
valuation allowance |
(11,119 |
) |
|
(28,136 |
) |
Equity-based compensation expense |
5,181 |
|
|
7,291 |
|
Net gain
on valuation of mortgage loans held for investment and HMBS-related
borrowings |
(26,016 |
) |
|
(7,661 |
) |
Gain on
loans held for sale, net |
(65,649 |
) |
|
(103,112 |
) |
Origination and purchase of loans held for sale |
(6,090,432 |
) |
|
(5,000,681 |
) |
Proceeds
from sale and collections of loans held for sale |
5,969,812 |
|
|
5,125,203 |
|
Changes
in assets and liabilities: |
|
|
|
Decrease
in advances and match funded advances |
452,435 |
|
|
531,313 |
|
Decrease
(increase) in receivables and other assets, net |
181,835 |
|
|
46,463 |
|
Decrease
in other liabilities |
(7,147 |
) |
|
(109,511 |
) |
Other,
net |
(4,020 |
) |
|
(14,882 |
) |
Net cash provided by
operating activities |
474,661 |
|
|
581,579 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Origination of loans held for investment - reverse mortgages |
(1,098,758 |
) |
|
(1,008,065 |
) |
Principal
payments received on loans held for investment - reverse
mortgages |
243,596 |
|
|
151,107 |
|
Purchase
of mortgage servicing rights |
(17,356 |
) |
|
(12,355 |
) |
Proceeds
from sale of mortgage servicing rights |
47,044 |
|
|
686,838 |
|
Proceeds
from sale of advances and match funded advances |
103,017 |
|
|
486,311 |
|
Issuance
of automotive dealer financing notes |
(100,722 |
) |
|
— |
|
Collections of automotive dealer financing notes |
65,688 |
|
|
— |
|
Additions
to premises and equipment |
(33,518 |
) |
|
(37,487 |
) |
Other |
(610 |
) |
|
14,021 |
|
Net cash provided by
(used in) investing activities |
(791,619 |
) |
|
280,370 |
|
|
|
|
|
|
|
|
|
OCWEN FINANCIAL CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS —
(continued) |
(Dollars in thousands) |
(UNAUDITED) |
|
For the Years Ended December 31, |
|
2016 |
|
2015 |
Cash flows from
financing activities |
|
|
|
Repayment
of match funded liabilities, net |
(303,052 |
) |
|
(506,198 |
) |
Proceeds
from mortgage loan warehouse facilities and other secured
borrowings |
9,242,671 |
|
|
7,170,831 |
|
Repayments of mortgage loan warehouse facilities and other secured
borrowings |
(9,693,108 |
) |
|
(8,402,758 |
) |
Payment
of debt issuance costs |
(11,136 |
) |
|
(23,480 |
) |
Proceeds
from sale of reverse mortgages (HECM loans) accounted for as a
financing (HMBS-related borrowings) |
1,086,795 |
|
|
1,024,361 |
|
Repurchase of common stock |
(5,890 |
) |
|
(4,142 |
) |
Other |
(45 |
) |
|
7,236 |
|
Net cash provided by
(used in) financing activities |
316,235 |
|
|
(734,150 |
) |
|
|
|
|
Net increase (decrease)
in cash |
(723 |
) |
|
127,799 |
|
Cash at beginning of
year |
257,272 |
|
|
129,473 |
|
Cash at end of
year |
$ |
256,549 |
|
|
$ |
257,272 |
|
|
|
|
|
FOR FURTHER INFORMATION CONTACT:
Investors:
Stephen Swett
T: (203) 614-0141
E: shareholderrelations@ocwen.com
Media:
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
Dan Rene
T: (202) 973 -1325
E: drene@levick.com
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