WEST PALM BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) — Ocwen Monetary Company (NYSE: OCN) (“Ocwen” or the “Firm”), a number one non-bank mortgage servicer and originator, right this moment introduced that it’s set to affix the Russell 2000® and Russell 3000® Indexes on the conclusion of the 2021 Russell indexes annual reconstitution, efficient on the opening of the US fairness markets on Monday, June 28, 2021.
“We’re happy to be a part of the Russell 2000® and Russell 3000® Indexes and imagine this vital milestone displays the onerous work of our international group to drive shareholder worth, robust working efficiency, improved profitability and development that’s exceeding our expectations,” stated Glen A. Messina, President and CEO of Ocwen. “Over the previous a number of months, we now have taken motion to strengthen our capital construction, diversify and differentiate our enterprise mannequin, enhance our aggressive place and develop our market attain by way of natural development and strategic acquisitions. We sit up for the elevated visibility of our long-term development potential to the broader funding group by way of our membership within the Russell Indexes.”
Current progress and achievements made by the Firm embody:
Completed the refinancing of company debt maturities with 100% of company debt due after 2025.
Completed transaction with funds managed by Oaktree Capital Administration, L.P. to function mortgage servicing rights (“MSR”) funding three way partnership, MSR Asset Automobile LLC; anticipated so as to add as much as $60 billion of subservicing unpaid principal steadiness (“UPB”).
Entered into agreements with Texas Capital Financial institution to amass Correspondent Lending enterprise and to buy, in bulk, MSRs with a complete UPB of roughly $14 billion.
Entered into an agreement with AmeriHome Mortgage Firm, LLC to buy, in bulk, MSRs with a complete UPB of roughly $47 billion.
Entered into an agreement with Reverse Mortgage Options, Inc. (“RMS”) and its dad or mum, Mortgage Belongings Administration, LLC, to amass the RMS reverse mortgage servicing platform and actual property owned enterprise.
Membership within the Russell 2000® Index means automated inclusion within the broader Russell 3000® Index in addition to within the acceptable development and worth model indexes. The Russell 3000® Index encompasses the three,000 largest US-traded shares primarily by goal, market-capitalization rankings and magnificence attributes. Membership in these indexes is up to date yearly and stays in place for one yr.
Russell indexes are broadly utilized by funding managers and institutional buyers for index funds and as benchmarks for lively funding methods. Roughly $10.6 trillion in belongings are benchmarked in opposition to Russell’s US indexes. Russell indexes are a part of FTSE Russell, a number one international index supplier.
For extra data on the Russell indexes and the Russell indexes reconstitution, go to the FTSE Russell website.
About Ocwen Monetary Company
Ocwen Monetary Company (NYSE: OCN) is a number one non-bank mortgage servicer and originator offering options by way of its major manufacturers, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is among the largest servicers within the nation, centered on delivering a wide range of servicing and lending applications. Liberty is among the nation’s largest reverse mortgage lenders devoted to schooling and offering loans that assist prospects meet their private and monetary wants. We’re headquartered in West Palm Seashore, Florida, with places of work in the US and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our prospects since 1988. For added data, please go to our web site (www.ocwen.com).
About FTSE Russell
FTSE Russell is a world index chief that gives revolutionary benchmarking, analytics and information options for buyers worldwide. FTSE Russell calculates 1000’s of indexes that measure and benchmark markets and asset courses in additional than 70 international locations, masking 98% of the investable market globally.
FTSE Russell index experience and merchandise are used extensively by institutional and retail buyers globally. Roughly $17.9 trillion is presently benchmarked to FTSE Russell indexes. For over 30 years, main asset house owners, asset managers, ETF suppliers and funding banks have chosen FTSE Russell indexes to benchmark their funding efficiency and create ETFs, structured merchandise and index-based derivatives.
A core set of common ideas guides FTSE Russell index design and administration: a clear rules-based methodology is knowledgeable by unbiased committees of main market contributors. FTSE Russell is concentrated on making use of the very best trade requirements in index design and governance and embraces the IOSCO Ideas. FTSE Russell can also be centered on index innovation and buyer partnerships because it seeks to boost the breadth, depth and attain of its providing.
FTSE Russell is wholly owned by London Inventory Alternate Group. For extra data, go to www.ftserussell.com.
This press launch comprises forward-looking statements throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended. These forward-looking statements could also be recognized by a reference to a future interval or by means of forward-looking terminology and embody statements concerning, amongst different issues, Ocwen’s plans regarding its capital construction, enterprise mannequin, aggressive place, market attain, visibility and development potential. Ahead-looking statements are sometimes recognized by phrases corresponding to “count on”, “imagine”, “foresee”, “anticipate”, “intend”, “estimate”, “aim”, “technique”, “plan” “goal” and “venture” or conditional verbs corresponding to “will”, “might”, “ought to”, “may” or “would” or the adverse of those phrases, though not all forward-looking statements comprise these phrases. Ahead-looking statements by their nature tackle issues which are, to completely different levels, unsure. Readers ought to bear these components in thoughts when contemplating such statements and shouldn’t place undue reliance on such statements.
Ahead-looking statements contain plenty of assumptions, dangers and uncertainties that might trigger precise outcomes to vary materially. Up to now, precise outcomes have differed from these steered by ahead trying statements and this may occasionally occur once more. Essential components that might trigger precise outcomes to vary materially from these steered by the forward-looking statements embody, however usually are not restricted to, the Firm’s skill to shut the introduced transactions with Texas Capital Financial institution, AmeriHome Mortgage Firm, LLC, and RMS, together with the power to acquire the required regulatory approvals and fulfill different customary closing situations below these agreements, and to attain the anticipated advantages from these transactions; the Firm’s skill to shut different just lately introduced bulk mortgage servicing proper (“MSR”) acquisitions, together with the power to acquire regulatory approvals, enter into definitive financing preparations, and fulfill closing situations, and the timing for doing so; the Firm’s skill to fulfill its 2021 new servicing targets; uncertainty regarding the persevering with impacts of the COVID-19 pandemic, together with with respect to the response of the U.S. authorities, state governments, the Federal Nationwide Mortgage Affiliation (Fannie Mae), the Federal Residence Mortgage Mortgage Company (Freddie Mac, and along with Fannie Mae, the GSEs), the Authorities Nationwide Mortgage Affiliation (Ginnie Mae) and regulators; the potential for ongoing COVID-19 associated disruption within the monetary markets and in industrial exercise usually, elevated unemployment, and different monetary difficulties dealing with the Firm’s debtors; the adequacy of the Firm’s monetary sources, together with its sources of liquidity and talent to promote, fund and get better servicing advances, ahead and reverse entire loans, and Residence Fairness Conversion Mortgage and ahead mortgage buyouts and put backs, in addition to repay, renew and prolong borrowings, borrow further quantities as and when required, meet its MSR or different asset funding targets and adjust to its debt agreements, together with the monetary and different covenants contained in them; elevated servicing prices based mostly on elevated borrower delinquency ranges or different components; previous, current or future claims, litigation, regulatory proceedings, settlements and investigations concerning Ocwen’s servicing, foreclosures, modification, origination and different practices introduced by authorities businesses and personal events, in addition to different dangers and uncertainties detailed in Ocwen’s stories and filings with the Securities and Alternate Fee, together with its annual report on Kind 10-Okay for the yr ended December 31, 2020 and present and quarterly stories since such date. Ahead-looking statements converse solely as of the date they’re made and, Ocwen disclaims any obligation to replace or revise forward-looking statements whether or not because of new data, future occasions or in any other case.
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