WEST PALM BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) – Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and lender, announced today that it will join the Russell 2000® and Russell 3000® Indices to complete the 2021 Russell Indices Annual Recomposition which will take effect upon the opening of the US stock markets on Monday, June 28th, 2021.
“We are excited to be part of the Russell 2000® and Russell 3000® Indexes and Indexes believe this important milestone reflects the hard work our global team has done to drive shareholder value, strong operational performance, improved profitability and growth that exceeds our expectations, ”said Glen A. Messina, President and CEO of Ocwen. “In the last few months we have taken steps to strengthen our capital structure, diversify and differentiate our business model, improve our competitive position and expand our market reach through organic growth and strategic acquisitions. We look forward to the increased visibility of our long-term growth potential to the wider investment community through our membership in the Russell Indices. “
The company’s recent advances and achievements include:
- Refinancing completed of corporate debt with a maturity of 100% of corporate debt after 2025.
- Completed transaction with funds managed by Oaktree Capital Management, LP to operate the investment joint venture MSR Asset Vehicle LLC (MSR); estimated to be up to $ 60 billion in principal unpaid balances (“UPB”).
- Agreements made with Texas Capital Bank to acquire the Correspondent Lending business and bulk purchase MSRs for a total UPB of approximately $ 14 billion.
- Contracted with AmeriHome Mortgage Company, LLC to purchase MSRs in bulk with a total UPB of approximately $ 47 billion.
- Contracted with Reverse Mortgage Solutions, Inc. (“RMS”) and its parent company, Mortgage Assets Management, LLC to acquire the RMS reverse mortgage management and real estate platform.
Russell 2000 membership® Index means automatic inclusion in the wider Russell 3000® Index as well as in the corresponding growth and value style indices. The Russell 3000® The index comprises the 3,000 largest stocks traded in the US, mainly based on objective rankings based on market capitalization and style characteristics. Membership in these indices is updated annually and remains in place for one year.
Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About $ 10.6 trillion in assets is compared to Russell’s US indexes. Russell indices are part of FTSE Russell, a leading global index provider.
For more information about the Russell indexes and how to reconstitute the Russell indexes, see FTSE Russell website.
About Ocwen Financial Corporation
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage service provider and provider offering solutions through its main brands PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest service providers in the country focused on delivering a wide variety of servicing and loan programs. Liberty is one of the largest reverse mortgage loan originators in the country, dedicated to education and offering loans to help customers meet their personal and financial needs. Headquartered in West Palm Beach, Florida, with offices in the United States and the US Virgin Islands, and offices in India and the Philippines, we’ve been serving customers since 1988. Please visit our website for more information (www.ocwen.com).
About FTSE Russell
FTSE Russell is a global index leader providing innovative benchmarking, analysis and data solutions for investors worldwide. FTSE Russell computes thousands of indices that measure and compare markets and asset classes in more than 70 countries, covering 98% of the world’s investable market.
The expertise and products of the FTSE Russell Index are used extensively by institutional and retail investors worldwide. Approximately $ 17.9 trillion is currently compared to FTSE Russell indices. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indices to measure investment performance and create ETFs, structured products and index-based derivatives.
A central set of universal principles guides the design and administration of the FTSE Russell Index: A transparent, rules-based methodology supported by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards for index design and governance and follows the IOSCO principles. FTSE Russell is also focused on index innovation and customer partnerships to improve the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by the London Stock Exchange Group. For more information, visit www.ftserussell.com.
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 reference to a future period or by the use of forward-looking terminology and include, among other things, statements about Ocwen’s plans with respect to its capital structure, business model, competitive position, market reach, visibility and growth potential. Forward-looking statements are typically identified by words such as “expect”, “believe”, “anticipate”, “anticipate”, “intend”, “estimate”, “aim”, “strategy”, “plan”, “aim” and. marked “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. By their very nature, forward-looking statements relate to facts that are uncertain to varying degrees. Readers should consider these factors in 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 anticipated in the forward-looking statements and this may repeat itself. Important factors that could cause actual results to differ materially from those proposed in the forward-looking statements include the Company’s ability to complete, including the ability to complete announced transactions with Texas Capital Bank, AmeriHome Mortgage Company, LLC and RMS Obtain necessary regulatory approvals and other customary closing conditions under these agreements and obtain the anticipated benefits from these transactions; the Company’s ability to complete other recently announced bulk mortgage servicing (“MSR”) acquisitions, including the ability to obtain regulatory approvals, enter into definitive financing agreements and meet closing conditions; the company’s ability to meet its new service goals for 2021; Uncertainty about the ongoing impact of the COVID-19 pandemic, including the response from the US government, state governments, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac and along with Fannie Mae, the GSEs), the Government National Mortgage Association (Ginnie Mae) and regulators; the potential for persistent disruption related to COVID-19 in financial markets and business in general, increased unemployment, and other financial hardships faced by the company’s borrowers; the adequacy of the company’s financial resources, including its sources of liquidity and its ability to sell, fund and collect service advances, to advance and withdraw entire loans, and to buy and repay, repay, renew and loan forward mortgages for home conversion and loans borrow, borrow additional amounts as needed, meet their MSR or other investment objectives, and comply with their debt agreements, including the financial and other arrangements contained therein; increased service costs due to increased borrower defaults or other factors; past, present, or future claims, litigation, government proceedings, settlements, and investigations relating to Ocwen’s servicing, foreclosure, amendment, origination and other practices raised by government agencies and private parties, as well as other risks and uncertainties set forth in Ocwen’s reports and Filings with the Securities and Exchange Commission, including their Annual Report on Form 10-K for the year ended December 31, 2020 and the most recent and quarterly reports since that date. Forward-looking statements speak only as of the date they are made, and Ocwen disclaims any obligation to update or revise any forward-looking statements as a result of new information, future events or any other reason.
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