- Reported a Q2 2017 net loss of $(44) million, a $43 million improvement over Q2 2016
- Generated $195 million of Cash from Operating Activities during Q2 2017
- Continued focus on community outreach programs with “Summer of Help and Hope” events
- Assisted over 11,000 additional struggling families through loan modifications
WEST PALM BEACH, Fla., Aug. 02, 2017 (GLOBE NEWSWIRE) -- Ocwen Financial
Corporation, (NYSE:OCN) (“Ocwen” or the “Company”), a leading financial services holding
company, today announced preliminary operating results for the second quarter of 2017. Ocwen incurred a GAAP net loss of $(44.4)
million, or $(0.36) per share, for the three months ended June 30, 2017 compared to a net loss of $(87.2) million for the three
months ended June 30, 2016. Ocwen generated revenue of $311.3 million, down 16.6% compared to the second quarter of the prior year,
primarily driven by the impact of portfolio run-off and lower HAMP fees due to the expiration of the program offset by mortgage
lending growth. Cash Flows from Operating Activities were $195.1 million for the second quarter and $280.7 million for the six
months ended June 30, 2017, compared to $172.2 million during the first six months of last year.
“Despite the recent regulatory setbacks, we made progress during the second quarter on a number of fronts. We
signed our agreements relating to mortgage servicing rights transfer and subservicing with New Residential Investment Corp. We
settled additional legacy litigation matters further reducing future uncertainty; and we specifically identified approximately $12
million in annual corporate overhead cost savings that we expect to realize in the second half of this year. We also saw our
servicing business achieve its fourth consecutive quarterly pre-tax profit, and for this quarter, after adjusting for various items
such as legal settlements, Ocwen recorded an overall adjusted pre-tax profit of $2.8 million,” commented Ron Faris, President and
CEO of Ocwen. Mr. Faris continued, “Just as important, we continued our successful community outreach efforts, assisting over
11,000 struggling families.”
Second Quarter 2017 Results
Pre-tax loss for the second quarter of 2017 was $(41.6) million, a $54.8 million improvement from the second
quarter of 2016. Pre-tax results for the quarter include a number of significant items: $(33.6) million of legal settlement-related
expenses (after allowing for expected insurance and other recoveries), $(5.6) million of CFPB and state regulatory matter-related
defense costs, $(3.7) million of unfavorable GNMA & GSE MSR Fair Value changes and $(1.5) million of severance and other items.
Excluding these significant items, the Company had an adjusted pre-tax income of $2.8 million during the second quarter of
2017.
The Servicing segment recorded $9.2 million of pre-tax income, a $21.4 million improvement versus the second
quarter of 2016, despite $(23.0) million lower HAMP fees.
The Lending segment recorded $(0.6) million of pre-tax loss for the second quarter of 2017, a $(5.6) million
decline versus the second quarter of 2016. Total mortgage lending volume declined by 26.1% over the second quarter of 2016, driven
by a 70% reduction in the Forward Lending Correspondent channel as the Company decided to exit that channel in the second quarter
of 2017. The Correspondent volume decline was offset by a 96% increase in the higher margin Forward Lending Retail channel
and 33% overall growth in Reverse Lending volumes.
Additional Business Highlights
- Completed 11,029 modifications in the quarter, 24% of which were HAMP modifications.
- Delinquencies decreased from 11.2% at December 31, 2016 to 9.6% at June 30, 2017, primarily driven by loss mitigation
efforts.
- The constant pre-payment rate (CPR) increased from 14.0% in the first quarter of 2017 to 15.0% in the second quarter of
2017. In the second quarter of 2017, prime CPR was 18.2%, and non-prime CPR was 13.0%.
- In the second quarter of 2017, Ocwen originated forward and reverse mortgage loans with unpaid principal balance of $699.5
million and $275.4 million, respectively. The Forward Lending originations decrease of 16.9% versus the first quarter of
2017 was primarily driven by our exit from the Correspondent channel and focus on higher margin retail and wholesale
originations.
- Our reverse mortgage portfolio ended the quarter with an estimated $105.4 million in undiscounted future gains from future
draws on existing loans. Neither the anticipated future gains nor the future funding liability are included in the Company’s
financial statements.
- Partnered with the Hardest Hit Fund Program across 18 states and launched "Summer of Help & Hope" borrower outreach
events.
Webcast and Conference Call
Ocwen will host a webcast and conference call on Wednesday, August 2, 2017, at 8:30 a.m., Eastern Time, to
discuss its financial results for the second quarter of 2017. The conference call will be webcast live over the internet from the
Company’s website at www.Ocwen.com, click on the “Shareholders” section. A replay of the conference call will be available via the
website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, originates
and services loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S.
Virgin Islands and operations in India and the Philippines. We have been serving our customers since 1988. We may post information
that is important to investors on our website (www.Ocwen.com).
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 by their nature address matters that are, to different degrees, uncertain. Our
business has been undergoing substantial change which has magnified such uncertainties. Readers should bear these factors in mind
when considering such statements and should not place undue reliance on such statements.
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 the
forward-looking statements include, but are not limited to, the following: uncertainty related to claims, litigation, cease and
desist orders and investigations brought by government agencies and private parties regarding our servicing, foreclosure,
modification, origination and other practices, including uncertainty related to past, present or future investigations, litigation,
cease and desist orders and settlements with state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys
General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development
(HUD) and actions brought under the False Claims Act by private parties on behalf of the United States of America regarding
incentive and other payments made by governmental entities; adverse effects on our business as a result of regulatory
investigations, litigation, cease and desist orders or settlements; reactions to the announcement of such investigations,
litigation, cease and desist orders or settlements by key counterparties, including lenders; increased regulatory scrutiny and
media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to
effectively manage our regulatory and contractual compliance obligations; our ability to contain and reduce our operating costs,
including our ability to successfully execute on our cost improvement initiative; the adequacy of our financial resources,
including our sources of liquidity and ability to sell, fund and recover advances, repay borrowings and comply with debt covenants,
including the financial and other covenants contained in them; our ability to timely transfer mortgage servicing rights under our
July 2017 agreements with NRZ; our ability to maintain our long-term relationship with NRZ under these new arrangements; our
ability to realize anticipated future gains from future draws on existing loans in our reverse mortgage portfolio; our servicer and
credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our
servicer and credit ratings; volatility in our stock price; the characteristics of our servicing portfolio, including prepayment
speeds along with delinquency and advance rates; our ability to successfully modify delinquent loans, manage foreclosures and sell
foreclosed properties; uncertainty related to legislation, regulations, regulatory agency actions, government programs and
policies, industry initiatives and evolving best servicing practices; as well as other risks detailed in Ocwen’s reports and
filings with the SEC, including its amended annual report on Form 10-K/A for the year ended December 31, 2016 (filed with the SEC
on 5/15/17) and any current and quarterly reports since such date. Ocwen’s 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.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures, such as our reference to adjusted pre-tax income. We believe
these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition. We believe
these non-GAAP financial measures provide an alternative way to view certain aspects of our business that is instructive. Non-GAAP
financial measures should be viewed in addition to, and not as an alternative for, Ocwen's reported results under accounting
principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar
titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Further
information may be found on Ocwen's website.
Preliminary Results
The financial results and other financial data presented in this press release are preliminary, based upon the
Company's estimates and subject to completion of the Company's financial closing procedures and issuance of its financial
statements as of and for the quarter ended June 30, 2017. Moreover, the financial results and other financial data have been
prepared on the basis of currently available information. The Company's final financial results and other financial data
could differ materially from its preliminary financial results and other financial data. The Company's final financial
results will be set forth in the Company's Form 10-Q for the second quarter of 2017.
Residential Servicing Statistics (Preliminary,
Unaudited)
(Dollars in thousands)
|
| |
At or for the Three Months
Ended |
|
June 30, 2017 |
March 31,
2017 |
December 31,
2016 |
September 30,
2016 |
June 30, 2016 |
| Total unpaid principal balance of loans and REO serviced |
$ |
194,798,424 |
|
$ |
202,369,014 |
|
$ |
209,092,130 |
|
$ |
216,892,002 |
|
$ |
229,276,001 |
|
| |
|
|
|
|
|
| Non-performing loans and REO serviced as a % of total UPB (1) |
9.6 |
% |
10.7 |
% |
11.2 |
% |
11.4 |
% |
11.9 |
% |
| |
|
|
|
|
|
| Prepayment speed (average CPR)(2) (3) |
15.0 |
% |
14.0 |
% |
15.1 |
% |
15.0 |
% |
14.2 |
% |
(1) Performing loans include those loans that are less than 90 days past due and those loans for which borrowers are making
scheduled payments under loan modification, forbearance or bankruptcy plans. We consider all other loans to be non-performing.
(2) Average CPR for the prior three months. CPR measures prepayments as a percentage of the current outstanding loan balance
expressed as a compound annual rate.
(3) Average CPR for the three months ended June 30, 2017 includes 18.2% for prime loans and 13.0% for non-prime
loans.
Segment Results (Preliminary, Unaudited)
(Dollars in thousands) |
|
|
|
|
|
|
|
| |
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30, |
| |
2017 |
|
2016 |
|
2017 |
|
2016 |
| Servicing |
|
|
|
|
|
|
|
| Revenue |
$ |
271,784 |
|
|
$ |
325,120 |
|
|
$ |
555,802 |
|
|
$ |
632,547 |
|
| Expenses |
201,928 |
|
|
257,751 |
|
|
418,842 |
|
|
532,070 |
|
| Other expense, net |
(60,638 |
) |
|
(79,553 |
) |
|
(124,613 |
) |
|
(178,340 |
) |
| Income (loss) before income taxes |
9,218 |
|
|
(12,184 |
) |
|
12,347 |
|
|
(77,863 |
) |
| |
|
|
|
|
|
|
|
| Lending |
|
|
|
|
|
|
|
| Revenue |
32,776 |
|
|
35,376 |
|
|
63,522 |
|
|
58,660 |
|
| Expenses |
32,886 |
|
|
31,181 |
|
|
62,217 |
|
|
55,558 |
|
| Other income (expense), net |
(504 |
) |
|
815 |
|
|
(810 |
) |
|
1,329 |
|
| Income (loss) before income taxes |
(614 |
) |
|
5,010 |
|
|
495 |
|
|
4,431 |
|
| |
|
|
|
|
|
|
|
| Corporate Items and Other |
|
|
|
|
|
|
|
| Revenue |
6,740 |
|
|
12,558 |
|
|
13,840 |
|
|
12,604 |
|
| Expenses |
45,666 |
|
|
96,086 |
|
|
75,804 |
|
|
126,047 |
|
| Other expense, net |
(11,286 |
) |
|
(5,696 |
) |
|
(22,984 |
) |
|
(11,648 |
) |
| Loss before income taxes |
(50,212 |
) |
|
(89,224 |
) |
|
(84,948 |
) |
|
(125,091 |
) |
| |
|
|
|
|
|
|
|
| Corporate Eliminations |
|
|
|
|
|
|
|
| Revenue |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Other income (expense), net |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Income (loss) before income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
| Consolidated loss before income taxes |
$ |
(41,608 |
) |
|
$ |
(96,398 |
) |
|
$ |
(72,106 |
) |
|
$ |
(198,523 |
) |
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Preliminary, Unaudited)
|
| |
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30, |
| |
2017 |
|
2016 |
|
2017 |
|
2016 |
| Revenue |
|
|
|
|
|
|
|
| Servicing and subservicing fees |
$ |
255,801 |
|
|
$ |
307,262 |
|
|
$ |
528,303 |
|
|
$ |
604,758 |
|
| Gain on loans held for sale, net |
28,255 |
|
|
27,857 |
|
|
51,199 |
|
|
43,429 |
|
| Other |
27,244 |
|
|
37,935 |
|
|
53,662 |
|
|
55,624 |
|
| Total revenue |
311,300 |
|
|
373,054 |
|
|
633,164 |
|
|
703,811 |
|
| |
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
| Compensation and benefits |
90,411 |
|
|
98,422 |
|
|
182,212 |
|
|
194,671 |
|
| Servicing and origination |
64,516 |
|
|
89,987 |
|
|
132,423 |
|
|
185,679 |
|
| Professional services |
65,405 |
|
|
121,399 |
|
|
107,234 |
|
|
192,306 |
|
| Technology and communications |
24,254 |
|
|
32,709 |
|
|
51,601 |
|
|
59,578 |
|
| Occupancy and equipment |
16,480 |
|
|
20,708 |
|
|
34,229 |
|
|
45,453 |
|
| Amortization of mortgage servicing rights |
12,697 |
|
|
8,347 |
|
|
25,412 |
|
|
21,153 |
|
| Other |
6,717 |
|
|
13,446 |
|
|
23,752 |
|
|
14,835 |
|
| Total expenses |
280,480 |
|
|
385,018 |
|
|
556,863 |
|
|
713,675 |
|
| |
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
| Interest income |
4,239 |
|
|
5,140 |
|
|
8,002 |
|
|
9,330 |
|
| Interest expense |
(81,128 |
) |
|
(91,033 |
) |
|
(165,190 |
) |
|
(197,122 |
) |
| Gain on sale of mortgage servicing rights, net |
1,033 |
|
|
853 |
|
|
1,320 |
|
|
2,028 |
|
| Other, net |
3,428 |
|
|
606 |
|
|
7,461 |
|
|
(2,895 |
) |
| Total other expense, net |
(72,428 |
) |
|
(84,434 |
) |
|
(148,407 |
) |
|
(188,659 |
) |
| |
|
|
|
|
|
|
|
| Loss before income taxes |
(41,608 |
) |
|
(96,398 |
) |
|
(72,106 |
) |
|
(198,523 |
) |
| Income tax expense (benefit) |
2,828 |
|
|
(9,180 |
) |
|
4,953 |
|
|
(104 |
) |
| Net loss |
(44,436 |
) |
|
(87,218 |
) |
|
(77,059 |
) |
|
(198,419 |
) |
| Net income attributable to non-controlling interests |
(71 |
) |
|
(160 |
) |
|
(172 |
) |
|
(290 |
) |
| Net loss attributable to Ocwen stockholders |
$ |
(44,507 |
) |
|
$ |
(87,378 |
) |
|
$ |
(77,231 |
) |
|
$ |
(198,709 |
) |
| |
|
|
|
|
|
|
|
| Loss per share attributable to Ocwen stockholders |
|
|
|
|
|
|
|
| Basic |
$ |
(0.36 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.60 |
) |
| Diluted |
$ |
(0.36 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.60 |
) |
| |
|
|
|
|
|
|
|
| Weighted average common shares outstanding |
|
|
|
|
|
|
|
| Basic |
124,582,280 |
|
|
123,893,752 |
|
|
124,300,171 |
|
|
123,993,545 |
|
| Diluted |
124,582,280 |
|
|
123,893,752 |
|
|
124,300,171 |
|
|
123,993,545 |
|
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(Preliminary, Unaudited)
|
| |
June 30,
2017 |
|
December 31,
2016 |
| Assets |
|
|
|
| Cash |
$ |
251,472 |
|
|
$ |
256,549 |
|
| Mortgage servicing rights ($625,650 and $679,256 carried at fair
value) |
975,185 |
|
|
1,042,978 |
|
| Advances, net |
219,214 |
|
|
257,882 |
|
| Match funded assets (related to variable interest entities
(VIEs)) |
1,292,908 |
|
|
1,451,964 |
|
| Loans held for sale ($239,491 and $284,632 carried at fair
value) |
260,959 |
|
|
314,006 |
|
| Loans held for investment, at fair value |
4,223,776 |
|
|
3,565,716 |
|
| Receivables, net |
252,797 |
|
|
265,720 |
|
| Premises and equipment, net |
56,409 |
|
|
62,744 |
|
| Other assets ($18,037 and $20,007 carried at fair value) ($26,570 and
$43,331 related to VIEs) |
399,672 |
|
|
438,104 |
|
| Total assets |
$ |
7,932,392 |
|
|
$ |
7,655,663 |
|
| |
|
|
|
| Liabilities and Equity |
|
|
|
| Liabilities |
|
|
|
| HMBS-related borrowings, at fair value |
$ |
4,061,626 |
|
|
$ |
3,433,781 |
|
| Other financing liabilities ($441,007 and $477,707 carried at fair
value) |
533,806 |
|
|
579,031 |
|
| Match funded liabilities (related to VIEs) |
1,108,377 |
|
|
1,280,997 |
|
| Other secured borrowings, net |
643,860 |
|
|
678,543 |
|
| Senior notes, net |
347,063 |
|
|
346,789 |
|
| Other liabilities ($11 and $1,550 carried at fair value) |
657,413 |
|
|
681,239 |
|
| Total liabilities |
7,352,145 |
|
|
7,000,380 |
|
| |
|
|
|
| Equity |
|
|
|
| Ocwen Financial Corporation (Ocwen) stockholders’ equity |
|
|
|
| Common stock, $.01 par value; 200,000,000 shares authorized;
124,778,548 and 123,988,160 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
1,248 |
|
|
1,240 |
|
| Additional paid-in capital |
529,188 |
|
|
527,001 |
|
| Retained earnings |
48,652 |
|
|
126,167 |
|
| Accumulated other comprehensive loss, net of income taxes |
(1,338 |
) |
|
(1,450 |
) |
| Total Ocwen stockholders’ equity |
577,750 |
|
|
652,958 |
|
| Non-controlling interest in subsidiaries |
2,497 |
|
|
2,325 |
|
| Total equity |
580,247 |
|
|
655,283 |
|
| Total liabilities and equity |
$ |
7,932,392 |
|
|
$ |
7,655,663 |
|
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Preliminary, Unaudited)
|
| |
For the Six Months Ended
June 30, |
| |
2017 |
|
2016 |
| Cash flows from operating activities |
|
|
|
| Net loss |
$ |
(77,059 |
) |
|
$ |
(198,419 |
) |
| Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
| Amortization of mortgage servicing rights |
25,412 |
|
|
21,153 |
|
| Loss on valuation of mortgage servicing rights, at fair value |
51,959 |
|
|
59,104 |
|
| Impairment of mortgage servicing rights |
4,650 |
|
|
39,030 |
|
| Gain on sale of mortgage servicing rights, net |
(1,320 |
) |
|
(2,028 |
) |
| Realized and unrealized (gains) losses on derivative financial
instruments |
(31 |
) |
|
2,080 |
|
| Provision for bad debts |
31,918 |
|
|
32,785 |
|
| Depreciation |
13,439 |
|
|
11,850 |
|
| Amortization of debt issuance costs |
1,334 |
|
|
6,498 |
|
| Equity-based compensation expense |
3,263 |
|
|
3,079 |
|
| Net gain on valuation of mortgage loans held for investment and
HMBS-related borrowings |
(11,381 |
) |
|
(14,451 |
) |
| Gain on loans held for sale, net |
(29,512 |
) |
|
(35,794 |
) |
| Origination and purchase of loans held for sale |
(2,243,475 |
) |
|
(2,883,124 |
) |
| Proceeds from sale and collections of loans held for sale |
2,217,259 |
|
|
2,789,433 |
|
| Changes in assets and liabilities: |
|
|
|
| Decrease in advances and match funded assets |
226,742 |
|
|
215,525 |
|
| Decrease in receivables and other assets, net |
87,548 |
|
|
75,208 |
|
| (Decrease) increase in other liabilities |
(28,053 |
) |
|
40,955 |
|
| Other, net |
8,043 |
|
|
9,285 |
|
| Net cash provided by operating activities |
280,736 |
|
|
172,169 |
|
| |
|
|
|
| Cash flows from investing activities |
|
|
|
| Origination of loans held for investment |
(698,473 |
) |
|
(675,665 |
) |
| Principal payments received on loans held for investment |
192,569 |
|
|
238,838 |
|
| Purchase of mortgage servicing rights |
(1,657 |
) |
|
(12,432 |
) |
| Proceeds from sale of mortgage servicing rights |
1,464 |
|
|
15,122 |
|
| Proceeds from sale of advances |
3,719 |
|
|
66,651 |
|
| Issuance of automotive dealer financing notes |
(85,076 |
) |
|
— |
|
| Collections of automotive dealer financing notes |
76,264 |
|
|
— |
|
| Additions to premises and equipment |
(7,243 |
) |
|
(17,312 |
) |
| Other |
2,277 |
|
|
8,179 |
|
| Net cash used in investing activities |
(516,156 |
) |
|
(376,619 |
) |
| |
|
|
|
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — (continued)
(Dollars in thousands)
(Preliminary, Unaudited) |
| |
For the Six Months Ended
June 30, |
| |
2017 |
|
2016 |
| Cash flows from financing activities |
|
|
|
| Repayment of match funded liabilities, net |
(172,620 |
) |
|
(152,668 |
) |
| Proceeds from mortgage loan warehouse facilities and other secured
borrowings |
4,216,466 |
|
|
4,173,609 |
|
| Repayments of mortgage loan warehouse facilities and other secured
borrowings |
(4,475,642 |
) |
|
(4,368,903 |
) |
| Payment of debt issuance costs |
(841 |
) |
|
(2,242 |
) |
| Proceeds from sale of reverse mortgages (HECM loans) accounted for as
a financing (HMBS-related borrowings) |
664,453 |
|
|
522,981 |
|
| Repurchase of common stock |
— |
|
|
(5,890 |
) |
| Other |
(1,473 |
) |
|
(794 |
) |
| Net cash provided by financing activities |
230,343 |
|
|
166,093 |
|
| |
|
|
|
| Net decrease in cash |
(5,077 |
) |
|
(38,357 |
) |
| Cash at beginning of year |
256,549 |
|
|
257,272 |
|
| Cash at end of period |
$ |
251,472 |
|
|
$ |
218,915 |
|
| |
|
|
|
FOR FURTHER INFORMATION CONTACT: Investors: Stephen Swett T: (203) 614-0141 E: shareholderrelations@ocwen.com Media: John Lovallo T: (917) 612-8419 E: jlovallo@levick.com Dan Rene T: (202) 973 -1325 E: drene@levick.com
