The following is a summary of the Ocwen Financial Corporation (OCN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ocwen Financial Corporation reported an adjusted pre-tax income of $14 million, and a GAAP net income of $30 million, or diluted earnings per share of $3.74 for Q1 2024.

• Book value per share improved to $56.

• The company exceeded its deleveraging objectives for Q1 with corporate debt repurchases of $47 million.

• Operating results were driven by improved performance in servicing and originations, favorable MSR Fair Value Change Net of Hedge, and growth in subservicing with $19 billion of subservicing additions.

Business Progress:

• Ocwen is evolving into a balanced mortgage originator and servicer with added multi-channel origination capabilities.

• They have invested in technology to modernize and expand digital interface channels.

• The company announced plans to rebrand Ocwen to Onity Group, reflecting the evolution of their company culture.

• Ocwen aims to enhance profitability of legacy owned MSRs, capitalize on market cycle opportunities, and grow subservicing.

• They have a target to Board $29 billion in subservicing UPB in the first half of 2024.

• Ocwen has completed sales of up to $6 billion in MSRs, above their book value, to create capital and liquidity.

• The company maintains a high hedge coverage ratio, aiming to mitigate potential impacts from interest rate fluctuations.

• Their managed asset vehicles retain an option to sell up to $10 billion, with a share of their profits returning to Ocwen.

• The primary focus is refinancing corporate debt to provide better options for shareholder value in the future.

More details: Ocwen Financial IR

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