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Ocwen Financial Announces Shareholder Approval to Rebrand as Onity™ Group
Ocwen Financial Corp.
New NYSE (“ONIT”) name and trading symbol effective June 10, 2024
PHH Mortgage is expected to be renamed to Onity Mortgage in Fall 2024
WEST PALM BEACH, Fla., May 28, 2024 (GLOBE NEWSWIRE) – Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that the Company has obtained the necessary approval from its shareholders to change the name of Ocwen to Onity™ Group Inc. .
Glen A. Messina, Chairman, President and CEO of Ocwen, said: “We are very pleased that our shareholders have approved our name change to Onity Group. We look forward to this new chapter in our Company’s history and to operating under the Onity brand, which reflects the evolution of our culture and the transformation of our Company. Rebranding to Onity signifies the confidence we have in our business, our capabilities and our team, as well as our unwavering focus on delivering on our commitments to our stakeholders.”
On May 28, 2024, Ocwen filed the Articles of Incorporation to Amend its Articles of Incorporation with the State of Florida to formally change the Company’s name, effective June 10, 2024.
The Company’s common stock is expected to begin trading on the New York Stock Exchange at market open on June 10, 2024, under the Company’s new name and new trading symbol “ONIT.” The CUSIP for the Company’s common stock will not change and shareholders will not need to take any action as a result of the name change.
Ocwen’s flagship brands, PHH Mortgage Corporation and Liberty Reverse Mortgage, will retain their names at this time. The Company expects to begin renaming PHH Mortgage Corporation and Liberty Reverse Mortgage to Onity Mortgage in the fall of this year to align their names with the Company’s new name.
The Company previously announced its rebranding and name change plan on April 3, 2024. You can read the press release here.
About Ocwen Financial Corporation
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage provider and originator providing solutions through its flagship brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest service providers in the country, focused on providing a variety of loan and service programs. Liberty is one of the nation’s largest reverse mortgage lenders, dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations throughout the United States, the U.S. Virgin Islands, India, and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com).
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Forward-looking statements
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 a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect,” “believe,” “forecast,” “anticipate,” “intend,” “estimate,” “objective,” “strategy,” “plan,” “target.” and “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 and include statements in this press release about the expected timing and potential impacts of our rebrand.
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 this may happen 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 expected effective timing of our name and stock symbol change, shareholder and counterparty response to our brand change , the timing and receipt of licensing or other regulatory approvals related to rebranding, changes in market conditions, the industry in which we operate and our business, the actions of government entities and regulators that impact our business, developments in our litigation matters and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2023 and any current report or quarterly report filed with the SEC since such date. Anyone wishing to understand Ocwen’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made, and we disclaim any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
For more information contact us:
Dico Akseraylian, Senior Vice President of Corporate Communications
(856) 917-0066
mediarelations@ocwen.com
