WEST PALM BEACH, Fla., October 14, 2021 (GLOBE NEWSWIRE) – Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading service provider and originator of non-bank mortgages, has provided today updated on the significant growth of its correspondent lending channel and announced the addition of senior sales executives to its team. The Company’s Correspondent Lending business provides mounting solutions and operates under its PHH Mortgage (“PHH”) brand.
In the first nine months of the year, PHH Correspondent Lending channel generated volume of $ 10.5 billion, an increase of about 240% over the same period last year. The chain achieved an annualized execution volume of $ 21.6 billion in the third quarter. Additionally, PHH increased its base of correspondents and feed sellers to 700 at the end of the third quarter, an increase of approximately 250% year over year.
PHH is rapidly building an industry-leading full-service correspondent lending business that is primarily driven by strategic transactions, new products and the expansion of the sales team.
In June, the company completed the previously announced acquisition of the Correspondent Lending business of Texas Capital Bank (TCB), attracting the majority of TCB’s Correspondent Lending staff and more than 200 new salespeople. In the second quarter of the year, PHH launched a Best Efforts program option and in September it launched a non-delegated program option to complement its existing Mandatory and Flow MSR offerings.
PHH also announced several new leaders within the Correspondent channel. New additions include Scott Loddeke, vice president of correspondent operations, who joined PHH from TCB; Christian Stevens, Vice President and Sales, West Division, who joined PHH after Mr. Cooper; Tony Millis, corporate vice president and sales, who most recently worked at JPMorgan Chase; and Sean Marr, who has been promoted to Vice President and Sales for the Eastern Division. PHH continues to add new sales and operations staff to support the significant growth of its correspondent channel.
“Our Correspondent Lending business is having a sensational year in terms of volume, sales growth, new product expansion and our ability to attract the best talent in the industry,” said Andy Peach, Senior Vice President , Correspondent Lending. “Overall, our multi-channel mounting platform – correspondent, wholesale MSR purchases, co-issuance programs, sub-service, direct and reverse mortgage to consumers – has already exceeded total mounting volume for the set of 2020 and is on track to fall into place. a new record for this year.
The company plans to provide its next business update and release its third quarter 2021 results in early November.
About Ocwen Financial Company
Ocwen Financial Corporation (NYSE: OCN) is a leading provider of non-bank mortgage lending services and provides solutions through its leading brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest service providers in the country, focused on delivering a variety of loan and service programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and offering loans that help clients meet their personal and financial needs. Our head office is located in West Palm Beach, Florida, with offices in the United States and the United States Virgin Islands and operations in India and the Philippines, and we have been serving our clients since 1988. For more information, please visit our website (www.ocwen .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 statements regarding, among other things, the expected closing of the transaction and the Company’s expectations regarding the benefits to be obtained as a result of the transaction. Forward-looking statements are generally identified by words such as “expect”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “objective”, “strategy”, “Plan” “objective” and “plan” or conditional verbs such as “will”, “can”, “should”, “could” or “could” or the negative of these terms, although not all forward-looking statements contain not those words. Forward-looking statements, by their nature, deal with matters that are, to varying degrees, uncertain. Readers should keep 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 may occur again. Important factors that could cause actual results to differ materially from those suggested by forward-looking statements include, but are not limited to, the extent to which the volume of creations of PHH during the remainder of the year will be in line with projections. of the society ; the extent to which PHH’s matching lending initiatives will produce the expected benefits and contribute to the growth objectives of the company; the extent and duration of the future growth of the corresponding lending channel and the origination activities of the Company as a whole, including as a result of market developments and other factors beyond the control of the Company; the Company’s ability to integrate the correspondent lending business acquired from TCB, including the ability to integrate former TCB employees into the Company’s existing operations, and obtain the expected benefits of the transaction ; the Company’s ability to complete block acquisitions of Mortgage Management Rights (“MSR”), including the ability to obtain regulatory approvals, enter into definitive financing agreements and meet closing conditions, and timetable for doing it; uncertainty related to the continued impacts of the COVID-19 pandemic, including with respect to the response of the US government, state governments, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac, and with Fannie Mae, GSEs), the Government National Mortgage Association (Ginnie Mae) and regulators; the potential for continued COVID-19-related disruption in financial markets and general business activity, 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, finance and collect service advances, full term and reverse loans, and repurchases and forgings of mortgages and loans to term, as well as repay, renew and extend borrowings, borrow additional amounts as needed, meet its MSR or other asset investment goals and comply with its debt agreements, including financial and other covenants contained therein; increased service charges due to increased borrower default rates or other factors; as well as other risks and uncertainties detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2020 and current reports and quarterly since that date. Forward-looking statements speak only as of the date on which they are made and Ocwen disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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