Ocwen changes its name to Onity

Irving Financial Group Plan Rebrand the parent company Later this year, the company will be transferred to Onity Group and its operations will be transferred to Onity Mortgage.

Shareholders must first approve the name change and vote on it at the annual general meeting on May 28.

“We are very excited about our name change to Onity because it demonstrates our comprehensive transformation into a balanced and diversified mortgage company,” said Ocwen Chairman, President and Chief Executive Officer Glen Messina. We are confident in our business, our capabilities and our team.” press release.

He continued that over the past five years, Ocwen has expanded its mortgage servicing and subsidized servicing portfolio and built a scalable servicing platform that Added multi-channel initiation and asset management functionsand established multiple capital partnerships to achieve capital-light service growth.

But some of these changes, especially in terms of service platforms, are the result of legal and regulatory actions. The eventual settlement forced Ocwen to turn to Black Knight’s MSP.

As part of this change, it Acquired PHH, the company previously led by Messina 2018.

The Consumer Financial Protection Bureau and a group of 30 state regulators and/or litigation divisions, In 2017, Ocwen was sued for service violations. The case was settled by all other agencies except the CFPB and a federal judge in Florida The bureau’s remaining complaints were dismissed last year.

But in February the CFPB Amicus briefs filed in pay-to-play lawsuit.

Owen explained that the new name reflects the capabilities of a hard-working team with a can-do attitude and problem-solving culture.

Specifically, the word Onity encompasses the phrase “on it,” which conveys action and a promise of reliability, performance, and support.

“We understand what our customers want and the important role we play in meeting their needs,” said Messina. “We believe our new brand truly represents how we operate and our commitment to delivering the products and services our customers have come to expect from us.” Expect consistent results.”

If approved, Ocwen will change its name to Onity Group and begin trading under the “ONIT” ticker in June. For now, PHH Mortgage and Liberty Reverse Mortgage will continue to use their current names, but will be rebranded to Onity at a later date. date.

In other news from Ocwen, it was announced that former NMI Holdings CEO Claudia Merkle has joined the board of directors, while Phyllis Caldwell, who was Ocwen’s chairman at the time of the PHH deal, will step down at the annual meeting.

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