Q4 2019 Ocwen Financial Corp Earnings Call

Is Ocwen Financial Corporation (NYSE:OCN) a good investment right now? We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from investment bankers and industry insiders. Sure they sometimes fail miserably, but their […]

The NYSE requires the average closing price of a listed company’s stock to be at least $1.00 per share over a consecutive 30 trading-day period. Receipt of the NYSE notification does not conflict with or cause an event of default under any of the Company’s material debt agreements.

Achieved Net Income of $34.9 million for the fourth quarter of 2019 Increasing 2020 volume target for lending and flow channels to $15 - 20 billion reflecting continued strong.

Moody's Investors Service ("Moody's") has assigned a B2 rating to PHH Mortgage Corporation's (PMC) proposed $200.0 million senior secured term loan due 15 May 2022. PMC is a wholly-owned operating subsidiary of Ocwen Financial Corporation, which in the second quarter of 2019 merged its operating subsidiary, Ocwen Loan Servicing, LLC (OLS), into PMC. In addition, the existing term loan, issued by Ocwen Loan Servicing, LLC, will be paid down from $332 million as of 30 September 2019 to $200 million.

Long term investing is the way to go, but that doesn't mean you should hold every stock forever. It hits us in the gut...

Reported a Net Loss of $25.5 million and a Pre-tax Loss of $87.3 million for the first quarter of 2020 and ended the quarter with $429.9 million of total stockholders' equity,.

Potential Ocwen Financial Corporation (NYSE:OCN) shareholders may wish to note that the CEO, President & Director...

Ocwen Financial Corp. , a non-bank mortgage serviceds and originator, said Friday it can no longer affirm its financial guidance given the uncertainty created by the coronavirus pandemic. The company said it has about $264 million in unrestricted cash and expects to be fully compliant with its financial covenants at the end of the first quarter. It also has undrawn credit availability of $104 million under its servicer advance funding facilities, $225 million under its MSR financing facilities, and $156 million under its mortgage warehouse funding facilities. "The duration and magnitude of the COVID-19 impact is uncertain and we anticipate that the impact to our business will be largely determined by the number of homeowners who need assistance and the duration of assistance needed," the company said in a statement. "We are proactively working with industry trade groups, the Agencies and our regulators to support their efforts on stabilizing the housing finance system in response to what may be an unprecedented level of requests for assistance from homeowners impacted by the COVID-19 pandemic." For now, Ocwen has not laid off or furloughed any employees and has no plans to cut pay. Shares were not active premarket but have fallen 72% in the year to date, while the S&P 500 has fallen 22%.

As of March 31, 2020, we had approximately $264 million in unrestricted cash, and we currently expect to be in compliance with all of our financial covenants under our debt agreements at the end of the first quarter. Ocwen is taking decisive actions to address the COVID-19 global pandemic. The Company is following CDC, WHO and local guidelines and its business continuity and crisis management teams and executive leadership are meeting virtually on a daily basis.

Continued strong execution against key business initiatives resulted in estimated fourth quarter 2019 pre-tax income of $37 million, net income of $35 million, pre-tax earnings.

As part of the transaction, the outstanding balance of the SSTL was reduced from $326 million to $200 million. This transaction represents the culmination of our 2019 capital structure plan and supports our balanced approach to lowering our cost of capital, maintaining sufficient liquidity and sustaining financial flexibility.

There was a glimmer of hope in Spain’s battle with the coronavirus pandemic on Sunday, when the country recorded the lowest death rate overnight since March 26.

New York, May 05, 2020 -- Moody's Investors Service, ("Moody's") has placed the ratings of two classes issued by Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series 2007-2 on review for possible downgrade. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating.

The release will also be available on the Ocwen Financial Corporation website at www.ocwen.com (through a link on the Shareholder Relations page). A live audio webcast and slide presentation for the call will be available at www.ocwen.com (through a link on the Shareholder Relations page). For more information on prior releases and SEC Filings, please refer to the "Shareholder Relations" section of our website at www.ocwen.com.

Ocwen Financial (NYSE: OCN) provided thousands of coronavirus-related forbearance plans to customers during the first quarter and will continue to assist borrowers during the coronavirus pandemic. The company, a nonbank mortgage originator headquartered in West Palm Beach, provided approximately 27,500 forbearance plans in the quarter that ended March 31, according to a news release. Ocwen CEO Glenn Messina said the firm is preparing to receive a potentially "unprecedented" level of requests for assistance from homeowners affected by the coronavirus, formally known as COVID-19.

Q1 2020 Ocwen Financial Corp Earnings Call

The release will also be available on the Ocwen Financial Corporation website at www.ocwen.com (through a link on the Shareholder Relations page). A live audio webcast and slide presentation for the call will be available at www.ocwen.com (through a link on the Shareholder Relations page). For more information on prior releases and SEC Filings, please refer to the "Shareholder Relations" section of our website at www.ocwen.com.

Vancouver, British Columbia--(Newsfile Corp. - May 13, 2020) - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) CEO of Moneta Porcupine Mines, Gary O'Connor, talks about the company's gold exploration in the Timmins Gold Camp.If you cannot view the video above, please visit:https://www.b-tv.com/moneta-porcupine-mines-gold-mining-ceo-clip-90sec/ Moneta Porcupine is being featured on BNN Bloomberg on May 16th & 17th, 2020, throughout the day and evenings.Moneta Porcupine Mines Inc. (TSX:ME) (OTC Pink: MPUCF) www.monetaporcupine.com ...

Shares of Ocwen Financial (NYSE:OCN) rose 5% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were up 42.42% over the past year to ($0.19), which beat the estimate of ($0.40).Revenue of $253,842,000 lower by 16.47% year over year, which missed the estimate of $276,000,000.Guidance Earnings guidance hasn't been issued by the company for now.Ocwen Finl hasn't issued any revenue guidance for the time being.Details Of The Call Date: May 08, 2020View more earnings on OCNWebcast URL: https://business.phhmortgage.com/services/investor-servicesTechnicals 52-week high: $2.2352-week low: $0.28Price action over last quarter: down 70.59%Company Overview Ocwen Financial Corp is a financial service company that services and originates loans. Its business segment includes Servicing and Lending. Servicing segment provides residential and commercial mortgage loan servicing, special servicing and asset management services. Lending segment originates and purchases conventional and government-insured residential forward and reverse mortgage loans mainly through correspondent lending arrangements, broker relationships and directly with mortgage customers. The company generates a majority of its revenue from the Servicing segment. Geographically, it generates a majority of its revenue from the United States.See more from Benzinga * 11 Financial Services Stocks Moving In Tuesday's Pre-Market Session * 12 Financial Services Stocks Moving In Friday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.