Ocwen Financial Corp (N:OCN)
Business Focus: Retail & Mortgage Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 1661 Worthington Rd Ste 100 WEST PALM BEACH FL 33409-6493 |
| Tel: | N/A |
| Website: | https://www.ocwen.com |
| IR: | See website |
| Key People | ||
| Glen A. Messina Chairman of the Board, President, Chief Executive Officer | Sean B. O'Neil Chief Financial Officer, Executive Vice President | Dennis Zeleny Executive Vice President, Chief Administrative Officer |
| Aaron D. Wade Executive Vice President, Chief Investment Officer | Jenna D. Evans Executive Vice President, Chief Risk and Compliance Officer | Joseph James Samarias Executive Vice President, Chief Legal Officer, Company Secretary |
| Scott W. Anderson Executive Vice President and Chief Servicing Officer | Francois Grunenwald Senior Vice President, Chief Accounting Officer | |
| Business Overview |
| Ocwen Financial Corporation is a financial services company, which provides services and originates both forward and reverse mortgage loans, through its brands, PHH Mortgage and Liberty Reverse Mortgage. The Company operates through three segments: Servicing, Originations, and Corporate Items and Other. Its Servicing segment is comprised of two components, its owned MSRs and its subservicing portfolio. The segment invests its capital to fund purchases and originations of its owned mortgage servicing rights (MSRs) and servicing advances. Its Originations segment purchases MSRs through bulk portfolio purchases, through flow purchase agreements with its network of mortgage companies and financial institutions, and through participation in the Agency Cash Window (or Co-Issue) programs. Its Corporate Items and Other segment include revenues and expenses of corporate support services, inactive entities, and its other business activities that are individually insignificant. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Ocwen Financial Corp revenues increased 12% to $1.07B. Net loss before extraordinary items totaled $63.7M vs. income of $25.6M. Revenues reflect Servicing and subservicing fees increase of 10% to $947.3M, Gain (loss) on loans held for sale, net increase of 85% to $40.6M, Gain on reverse loans held for investmen increase of 29% to $46.7M. |
| Employees: | 4,500 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $11,406M as of Dec 31, 2023 |
| Annual revenue (TTM): | $1,067M as of Dec 31, 2023 |
| EBITDA (TTM): | $434.40M as of Dec 31, 2023 |
| Net annual income (TTM): | -$63.70M as of Dec 31, 2023 |
| Free cash flow (TTM): | -$111.80M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $11,218M as of Dec 31, 2023 |
| Shares outstanding: | 7,764,754 as of Mar 25, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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