WEST PALM BEACH, Florida, June 28, 2021 (GLOBE NEWSWIRE) – Ocwen Finance Corporation (NYSE: OCN) (“Ocwen” or “Company”), a leading non-bank mortgage provider, announced today that it will join Russell 2000® and Russell 3000® Indices following the completion of the 2021 Russell Indices Annual Recalculation, effective when the U.S. equity markets open on Monday 28 June 2021.
“We are delighted to be part of Russell 2000.® and Russell 3000® “Indexes and believes this important milestone reflects the hard work of our global team to increase shareholder value, strong operating performance, profitability and growth that exceeds our expectations,” said Glen A. Messina, President and CEO of Ocwen. “Over the past 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 presence through organic growth and strategic acquisitions. We hope that our long-term growth potential will become more visible to the broader investment community through our membership in the Russell Indices. ”
The Company’s recent successes and achievements include:
- Refinancing completed corporate debt with maturity 100% corporate debt maturing after 2025.
- Completed transaction with funds managed by Oaktree Capital Management, LP to manage an investment joint venture mortgage servicing rights (MSR), MSR Asset Vehicle LLC; the outstanding principal balance for sub-servicing is expected to be up to $ 60 billion (“UPB”).
- Contracts concluded with Texas Capital Bank to acquire a correspondent lending business and to purchase MSR in bulk for a total of approximately US $ 14 billion.
- Singed an agreement with AmeriHome Mortgage Company, LLC for the bulk purchase of MSRs totaling approximately $ 47 billion.
- Singed an agreement with Reverse Mortgage Solutions, Inc. (“RMS”) and its parent company, Mortgage Assets Management, LLC, to acquire the RMS reverse mortgage servicing platform and real estate business.
Russell 2000 Membership® Index means automatic inclusion in the wider Russell 3000® The index, as well as the corresponding growth style and value indexes. Russell 3000® The index covers 3,000 of the largest US stocks, traded primarily by objective criteria, market cap ratings and style characteristics. Membership in these indices is renewed annually and lasts for one year.
Russell Indices are widely used by investment managers and institutional investors for index funds and as a benchmark for active investment strategies. Assets worth about $ 10.6 trillion compare to the US Russell indexes. Russell Indices are part of FTSE Russell, the world’s leading provider of indices.
For more information on Russell Indexes and Russell Index Recovery, visit the website FTSE Russell website…
About Ocwen Financial Corporation
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage provider offering solutions through its flagship brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest service centers in the country, specializing in providing a variety of service and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders, providing education and loans to help clients meet their personal and financial needs. We are headquartered in West Palm Beach, Florida with offices in the US and the US Virgin Islands as well as India and the Philippines. We have been serving our clients since 1988. For more information visit our website (www.ocwen.com).
About FTSE Russell
FTSE Russell is a global leader in indices, providing innovative benchmarking, analytics and data science solutions to investors around the world. FTSE Russell calculates thousands of indices that measure and compare markets and asset classes in over 70 countries, covering 98% of the global investment market.
FTSE Russell’s indices expertise and products are widely used by institutional and retail investors around the world. Roughly $ 17.9 trillion is currently pegged to the FTSE Russell indices. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell Indices to measure their investment performance and create ETFs, structured products and index-based derivatives.
The FTSE Russell Index is developed and managed using a basic set of universal principles: a transparent, rules-based methodology informed by independent committees of leading market participants. FTSE Russell is committed to applying the highest industry standards in index development and management and follows the IOSCO principles. FTSE Russell also has a strong focus on index innovation and customer partnerships as it strives to expand the range, depth and reach of its offering.
FTSE Russell is wholly owned by the London Stock Exchange. 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 Stock Exchange Act of 1934, as amended. These forward-looking statements may be identified by forward-looking or forward-looking terminology and include statements regarding, inter alia, Ocwen’s plans regarding its capital structure, business model, competitive position, market coverage, visibility and growth potential. Forward-looking statements are commonly identified with words such as “expect,” “believe,” “anticipate,” “anticipate,” “intend,” “estimate,” “goal,” “strategy,” “plan,” “goal,” and “Project ”Or conditional verbs such as“ will ”,“ may ”,“ should ”,“ could ”or“ would ”, or negative meanings of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature refer to matters that are more or less vague. Readers should keep these factors in mind when considering such claims and should not place undue reliance on such claims.
Forward-looking statements include 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 could happen again. Critical factors that could cause actual results to differ materially from those suggested in the forward-looking statements include, but is not limited to, the Company’s ability to close announced transactions with Texas Capital Bank, AmeriHome Mortgage Company, LLC and RMS, including the ability to obtain the necessary regulatory approvals and other normal closure conditions under these agreements, and the expected benefits of these transactions; the Company’s ability to close other recently announced acquisitions of Wholesale Mortgage Service Rights (“MSRs”), including the ability to obtain regulatory approvals, enter into final financial agreements, and comply with closure conditions and deadlines; the company’s ability to meet new service targets until 2021; uncertainties surrounding the continued impact of the COVID-19 pandemic, including the response of the US government, state governments, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac and together with Fannie Mae, GSE), State National Mortgage Association (Ginnie Mae) and regulators; the possibility of continuing disruptions related to COVID-19 in financial markets and in general business activities, rising unemployment and other financial difficulties faced by the Company’s borrowers; the adequacy of the Company’s financial resources, including its sources of liquidity and the ability to sell, finance and recover service advances, forward and reverse whole loans, as well as equity conversion mortgages and forward repurchases, and to repay, renew and expand borrowings, borrow additional amounts as appropriate, achieve its objectives for MSR or other asset investments and comply with its debt agreements, including financial and other covenants contained therein; an increase in service costs due to an increase in the level of borrowers’ delinquencies or other factors; past, present or future claims, litigations, litigations, settlements and investigations regarding service, foreclosure, modification, origin and other Ocwen practices applied by government agencies and private parties, as well as other risks and uncertainties detailed in the reports and Ocwen’s filings with the Securities and Exchange Commission, including its Form 10-K Annual Report for the year ended December 31, 2020, and current and quarterly reports from that date. Forward-looking statements are valid only as of the date 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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