WEST PALM BEACH, Fla., Oct. 04, 2018 (GLOBE NEWSWIRE) — Ocwen Banking Corporation (NYSE:OCN) (“Ocwen” or the “Company”), a arch banking casework captivation company, today appear the achievement of its accretion of PHH Corporation (“PHH”), a mortgage belvedere with accustomed application and alpha anamnesis capabilities, able October 4, 2018 for about $360 actor in banknote or $11 per adulterated accepted share.
As ahead announced, circumstantial with the closing of the PHH merger, Glen A. Messina became the President and Arch Controlling Administrator of Ocwen and a affiliate of Ocwen’s Board of Directors.
“The aing of this accretion marks a new affiliate in our history, and creates a able non-bank mortgage servicer, positioned for growth, and bigger able to serve borrowers and accommodation investors,” commented Phyllis Caldwell, Chair of Ocwen’s Board of Directors. “We accept our added admeasurement and calibration will actualize both cardinal and banking allowances including accelerating our alteration to an industry arch application platform, abbreviation servicing, basic and aerial costs on a accumulated base through the adeptness of $100 actor in targeted amount synergies and bigger economies of scale, and accouterment a foundation to accredit Ocwen to resume new business and advance activities to account portfolio runoff in the future. We are aflame to clearly acceptable Glen Messina and the PHH advisers to the Ocwen family.”
The anew accumulated company, as of June 30, 2018, casework about 1.7 actor loans with an contributed arch antithesis of over $296 billion. In 2017, the accumulated aggregation originated added than $3 billion of residential mortgage loans including about-face mortgages.
In affiliation with the achievement of the acquisition, PHH has become a wholly-owned accessory of Ocwen and the accepted b of PHH has been delisted from the New York B Exchange.
About Ocwen Banking Corporation
Ocwen Banking Corporation is a banking casework captivation aggregation which, through its subsidiaries, casework and originates 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 accept been confined our barter back 1988. We may column advice that is important to investors on our website (www.Ocwen.com).
This columnist absolution contains advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These advanced statements may be articular by a advertence to a approaching aeon or by the use of advanced terminology. Advanced statements are about articular by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or codicillary verbs such as “will”, “may”, “should”, “could” or “would” or the abrogating of these terms, although not all advanced statements accommodate these words.
Forward-looking statements by their attributes abode affairs that are, to altered degrees, uncertain. Our business has been adeptness abundant change which has abstract such uncertainties. Readers should buck these factors in apperception back because such statements and should not abode disproportionate assurance on such statements.
Forward-looking statements absorb a cardinal of assumptions, risks and uncertainties that could account absolute after-effects to alter materially. In the past, absolute after-effects accept differed from those appropriate by advanced statements and this may appear again.
Important factors that could account absolute after-effects to alter materially from those appropriate by the advanced statements include, but are not bound to, the following: our adeptness to auspiciously accommodate PHH’s business, and to apprehend the cardinal objectives, synergies and added allowances of the accretion at the time advancing or at all, including our adeptness to integrate, advance and enhance PHH’s servicing, subservicing and added business relationships, including its accord with New Residential Investment Corp. (NRZ), ambiguity accompanying to claims, litigation, cease and abandon orders and investigations brought by government agencies and clandestine parties apropos our servicing, foreclosure, modification, alpha and added practices, including ambiguity accompanying to past, present or approaching investigations, litigation, cease and abandon orders and settlements with accompaniment regulators, the Consumer Banking Protection Bureau (CFPB), Accompaniment Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD) and accomplishments brought beneath the False Claims Act by clandestine parties on account of the United States of America apropos allurement and added payments fabricated by authoritative entities; adverse furnishings on our business as a aftereffect of authoritative investigations, litigation, cease and abandon orders or settlements; reactions to the advertisement of such investigations, litigation, cease and abandon orders or settlements by key counterparties or others, including lenders, the Federal National Mortgage Association (Fannie Mae), the Federal Home Accommodation Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae); our adeptness to accede with the agreement of our settlements with authoritative agencies and the costs of accomplishing so, added authoritative ysis and media attention; any adverse developments in absolute acknowledged affairs or the admission of new acknowledged proceedings; our adeptness to finer administer our authoritative and acknowledged acquiescence obligations; our adeptness to accede with our application and subservicing agreements, including our adeptness to accede with our agreements with, and the requirements of, Fannie Mae, Freddie Mac and Ginnie Mae and advance our seller/servicer and added statuses with them; our adeptness to accommodate and abate our operating costs, the capability of our banking resources, including our sources of clamminess and adeptness to sell, armamentarium and balance advances, accord borrowings and accede with our debt agreements, including the banking and added covenants independent in them; our adeptness to appropriate alteration mortgage application rights beneath our July 2017 agreements and January 2018 agreements with NRZ; our adeptness to advance our abiding accord with NRZ; our adeptness to apprehend advancing approaching assets from approaching draws on absolute loans in our about-face mortgage portfolio; our servicer and acclaim ratings as able-bodied as added accomplishments from assorted appraisement agencies, including the appulse of above-mentioned or approaching downgrades of our servicer and acclaim ratings; our adeptness to assassinate an able arch controlling administrator administration transition; as able-bodied as added risks abundant in Ocwen’s and, above-mentioned to the alliance closing, PHH’s letters and filings with the SEC, including anniversary of their corresponding anniversary letters on Form 10-K for the year concluded December 31, 2017 and any accepted and annual letters back such date. Anyone adulatory to accept Ocwen’s business should ysis its and PHH’s SEC filings. Ocwen’s advanced statements allege alone as of the date they are made, and we abandon any obligation to amend or alter advanced statements whether as a aftereffect of new information, approaching contest or otherwise.
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