Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
Number
|
|
Description
|
|
|
|
104
|
|
Cover
Page Interactive Data File formatted in online XBRL (included as Exhibit 101)
|
Forward-Looking
Statements
This
Form 8-K 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 the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”,
“believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”,
“strategy”, “plan” “target” and “project” or conditional verbs such as “will”,
“may”, “should”, “could” or “would” or the negative of these terms, although not all
forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees,
uncertain. We are in the midst of a period of capital markets volatility and experiencing significant changes within the mortgage lending
and servicing ecosystem which have 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
ability to obtain regulatory approvals and the satisfaction of the closing conditions under the Agreement or the LOI, the expected timing
for closing of transactions contemplated under the Agreement or the LOI, including the transfer of servicing, uncertainty relating to
the timing of closing the MAV transaction and MAV’s receipt of remaining regulatory approvals, uncertainty relating to the future
impacts of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, the Federal National
Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the GSEs),
the Government National Mortgage Association (Ginnie Mae) and regulators, as well as the potential for ongoing disruption in the financial
markets and in commercial activity generally, increased unemployment, and other financial difficulties facing our borrowers; impacts
on our operations resulting from employee illness, social distancing measures and our shift to greater utilization of remote work arrangements;
the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances,
forward and reverse whole loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow
additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including
the financial and other covenants contained in them; increased servicing costs based on increased borrower delinquency levels or other
factors; our ability to collect anticipated tax refunds, including on the timeframe expected; the future of our long-term relationship
and remaining servicing agreements with New Residential Investment Corp. (NRZ), our ability to execute an orderly and timely transfer
of responsibilities in connection with the previously disclosed termination by NRZ of the PHH subservicing agreement, including our ability
to respond to any concerns raised by regulators, lenders and other contractual counterparties in connection with such transfer; our ability
to timely adjust our cost structure and operations as the loan transfer process is being completed in response to the previously disclosed
termination by NRZ of the PHH subservicing agreement; our ability to continue to improve our financial performance through cost re-engineering
efforts and other actions; our ability to continue to grow our origination business and increase our origination volumes in a competitive
market and uncertain interest rate environment; uncertainty related to claims, litigation, cease and desist orders and investigations
brought by government agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices,
including uncertainty related to past, present or future investigations, litigation, cease and desist orders and settlements with state
regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the
Department of Justice or the Department of Housing and Urban Development (HUD) and actions brought under the False Claims Act regarding
incentive and other payments made by governmental entities; adverse effects on our business as a result of regulatory investigations,
litigation, cease and desist orders or settlements and related responses by key counterparties, including lenders, the GSEs and Ginnie
Mae; our ability to comply with the terms of our settlements with regulatory agencies, as well as general regulatory requirements, and
the costs of doing so; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the
initiation of new legal proceedings; our ability to interpret correctly and comply with liquidity, net worth and other financial and
other requirements of regulators, the GSEs and Ginnie Mae, as well as those set forth in our debt and other agreements; our ability to
comply with our servicing agreements, including our ability to comply with our agreements with, and the requirements of, the GSEs and
Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse
mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior
or future downgrades of our servicer and credit ratings; as well as other risks and uncertainties detailed in Ocwen’s reports and
filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2020 and its current and quarterly reports
since such date. Anyone wishing to understand Ocwen’s business should review its SEC filings. Our 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.